Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy project developer, has reached a definitive agreement with Gek Terna SA and other shareholders to acquire an initial 67% stake in European clean energy developer TERNA ENERGY, subject to regulatory approvals and other conditions.
After this transaction, Masdar plans to launch an all-cash mandatory tender offer to acquire the remaining shares with the intention of reaching 100%. This transaction and subsequent offer values Terna Energy’s total equity at €2.4 billion (~$2.6 billion) and enterprise value at €3.2 billion (~$3.7 billion).
TERNA ENERGY specializes in financing, developing, constructing, and operating renewable energy facilities, focused on wind, solar, hydroelectric, and pumped storage projects. The company has recently announced its growth plan to target a renewable energy operational capacity of 6 GW by 2030.
Through this transaction, Masdar expects Terna Energy to help expand its Portfolio in Europe, targeting 100 GW global capacity by 2030.
“Today marks a major milestone in Masdar’s strategy to expand its portfolio to 100GW of clean energy by 2030 and it will make a substantial contribution to the renewable energy capacity of Greece. As one of Europe’s biggest renewable energy transactions in 2024, this investment reflects the UAE’s clear commitment to Greece and Europe’s clean energy development, and it represents another major practical step in realizing one of the central goals of the UAE Consensus to triple global renewable energy capacity by 2030.” Said HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar.
According to Mercom’s Q1 2024 Solar Funding and M&A report, a total of 21 solar M&A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&A deals in Q1 2023.
Early this year, European Energy, a renewable energy project developer, signed an investment agreement with Mitsubishi HC Capital. Mitsubishi HC Capital will subscribe to around 72 million ordinary new shares and purchase, in the aggregate, around 3 million ordinary shares from the three major shareholders in European Energy controlled by Knud Erik Andersen, Mikael D. Pedersen, and Jens-Peter Zink.
