UAE-based Masdar, partner of Hidroelectrica on solar projects, buys Terna Energy from Greece

United Arab Emirates renewable energy company Masdar has reached an agreement to buy an initial 67 percent stake in Greek company Terna Energy and is to make an offer to all shareholders for the rest of the stake, Reuters reports.
Masdar made the purchase at 30 euros per share, which values ​​the Greek renewable energy company at 2.4 billion euros.
The transaction is subject to regulatory approvals and other conditions. Once completed, “Masdar will launch a mandatory cash tender offer to acquire all of Terna’s remaining shares with the intention of reaching 100%,” the UAE company said in a statement.
Terna Energy specializes in the financing, development, construction and operation of renewable energy facilities with a focus on wind, solar, hydro and pumped storage projects. The company recently announced its growth plan, targeting an operational renewable energy capacity of 6 GW by 2030.
In April this year, Hidroelectrica and Masdar have agreed to expand the scope of the joint venture (JVC) to be established so that it includes the realization of on-shore and floating solar photovoltaic projects, as well as the implementation of energy storage systems in batteries, under exclusive conditions technology, for a period of 3 years, according to Hidroelectrica.
Controlled by Abu Dhabi National Oil Company, Abu Dhabi National Energy Company PJSC and Mubadala Investment Company, Masdar has invested more than $20 billion in renewable capacity globally, with nearly 15,000 MW of installed capacity in operation and development.
The portfolio of projects that could be developed by Hidroelectrica with Masdar is about 2,000 MW, which would mean an investment of over 2 billion euros.
greekHidroelectricaMasdarrenewable energtsolarTerna EnergyUAEUnited Arab Emirates
Comments (0)
Add Comment