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In a high-voltage deal sparking through Europe’s renewable energy landscape, Masdar, the United Arab Emirates’ state-owned clean energy titan, has completed its acquisition of TERNA ENERGY SA, cementing one of the largest green energy takeovers in European Union history.

The €3.2 billion ($3.5 billion) transaction closed Thursday after Masdar secured the remaining 30% stake in TERNA, adding to the 70% share it acquired in November 2023. This seismic move gives Masdar full ownership of Greece’s largest renewable energy firm — and potentially rewires the future of green power in the region.

The Power Play: A Strategic Full Takeover

Masdar, formally known as Abu Dhabi Future Energy Company PJSC, will now move to delist TERNA ENERGY from the Athens Stock Exchange, pending approval by the Hellenic Capital Market Commission. Once finalized, the move will mark a definitive shift in TERNA’s status — from national energy champion to a key pillar in Masdar’s expansive global green portfolio.

“This transaction promises a wave of capital into Greece and wider Europe,” Masdar said in a statement, tying the deal to its broader mission of supporting both Greece’s National Energy and Climate Plan and the EU’s Net Zero by 2050 goals.

Fueling the EU's Green Future

The acquisition is more than just a corporate merger — it’s a strategic accelerant in Europe’s race toward decarbonization. Masdar, which recently listed its debut green bond on the London Stock Exchange’s International Securities Market, is eyeing 100 gigawatts of global clean energy capacity by 2030. Acquiring TERNA is a critical voltage boost in reaching that goal.

Founded in 1997, TERNA ENERGY is Greece’s renewable energy heavyweight. With assets spanning wind, solar, hydroelectric, and biomass, the company aims to achieve six gigawatts of operational capacity by 2030. Its current portfolio includes 1,224 megawatts, with projects stretching from Greece to Poland and Bulgaria.

One flagship development — the 680-megawatt Amfilochia pumped hydro project — is set to be one of Europe’s largest, positioning TERNA (and now Masdar) at the beating heart of energy innovation in the region.

Big Names Behind the Deal

In a transaction as complex as a hydro turbine, heavyweight legal counsel played a pivotal role. Masdar tapped Simmons & Simmons LLP, Bernitsas Law, and Latham & Watkins LLP. On the other side of the table, TERNA ENERGY enlisted Reed Smith LLP and Potamitis Vekris to navigate the deal.

The merger was first set in motion in June, when Masdar made its bid to acquire two-thirds of TERNA — a deal that, at the time, became the largest-ever energy transaction on the Athens Stock Exchange.