Masdar finalises deal for $3.4bn European renewables player

Abu Dhabi clean energy group Masdar said it plans to make Terna a key part of its European expansion plans after clinching a deal for control of the Greece-based renewables player.

Masdar completed the previously announced purchase of 70% of Terna’s shares at a price that values the Greek group at €3.2bn ($3.4bn) and will now seek approval from regulators for a mandatory offer to acquire the remainder.

Masdar, which is engaged in a global push to reach 100GW of installed capacity by 2030, more than triple the figure now, said Terna will form a key plank of its European plans.

The Greek company has its own target to reach 6GW by the end of the decade.

Its interests span wind, solar, bioenergy and hydropower, the latter including the 680MW Amfilochia project that Terna says is among the largest in Europe.

The Greek company is active in Bulgaria and Poland, as well as operating the biggest renewable portfolio in its home market.

Masdar CEO Mohamed Jameel Al Ramahi said: “Our ambition is to establish Terna Energy as one of our core regional platforms that will help us deliver on our ambitious targets.”

State-backed Masdar’s other recent deals include acquisitions on Spanish renewables player Saeta Yield and 50% of US green energy group Terra-Gen.