Get real time updates directly on you device, subscribe now.
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.
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.
DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRLUniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002