A delegation headed by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, along with CEO Mohamed Jameel Al Ramahi, visited TERNA ENERGY’s headquarters in Athens and engaged with employees from various departments, holding strategic discussions with the company’s Executive Chairman Georgios Peristeris, marking their first since the acquisition. The discussions focused on Masdar’s plans to scale the business and drive renewable energy expansion across Southeastern and Central Europe.
H.E. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar Chairman, stated that ” Bringing TERNA ENERGY into the Masdar family strengthens our position in Greece and the wider region, enabling us to expediate the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets.”
The acquisition will enable Masdar to contribute to Greece’s National Energy and Climate Plan while aligning with the EU’s goal of net-zero emissions by 2050. It will also accelerate Masdar’s global ambition to reach 100 GW of renewable energy capacity by 2030. TERNA ENERGY, with its target of 6 GW in operational capacity by 2030, will benefit from Masdar’s long-term investment and international expertise.
Mohamed Jameel Al Ramahi, Masdar CEO, said that, “With TERNA ENERGY now delisted from the Athens Stock Exchange, we can maximize and leverage the combined expertise and experience of both workforces to accelerate the implementation of clean energy projects in Greece and across the region. By establishing TERNA ENERGY as our flagship platform for the region, we will both support our own renewable energy objectives and drive energy transformation in Europe.”
Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, said: The delisting of TERNA ENERGY following its acquisition by Masdar marks the full integration of the two companies, creating a strong platform for accelerated growth based on their shared commitment to clean, affordable, and domestically produced energy. As part of Masdar’s global network, TERNA ENERGY is now ideally positioned to expand its leadership in the renewable energy sector in Greece and the wider region
TERNA ENERGY’s delisting from ATHEX comes after a strong first quarter, marked by ongoing construction of major renewable energy projects across Greece and Bulgaria. Out of these is the landmark Amphilochia plant – Europe’s one of the largest pumped storage hydropower facilities and Masdar’s inaugural pumped hydro venture in the region.
The business has also reached final investment decisions on new solar, wind and battery projects with combined capacity of 250MW. These plants are due to be operational within the next two years, reports say.
In November of last year, Masdar secured a 70% stake in TERNA ENERGY from GEK TERNA SA and other shareholders, valuing the company at €3.2 billion, marking the largest energy transaction in the history of the Athens Stock Exchange and one of the largest deals in the EU renewables sector. Last month, Masdar finalized the acquisition of the remaining 30% through an all-cash mandatory tender offer (MTO) and squeeze-out process, purchasing outstanding shares at €20 per share.