Masdar completes Terna acquisition: UAE renewables giant Masdar completed its acquisition of a 70% stake in Greece’s major renewables player Terna Energy for EUR 20 per share, valuing the company at EUR 3.2 bn, and marking one of the largest acquisitions in the EU renewables industry, according to a statement released on Thursday. Masdar — now Terna Energy’s majority shareholder — plans to seek regulatory approval for an all-cash, mandatory offer to buy the remaining stakes of the Greek company.

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The bigger picture: The move pushes Masdar closer to achieving its goal of 100 GW of global energy capacity by 2030, the statement says. Terna — the largest investor in Greece’s renewables sector — aims to achieve 6 GW of operational renewables capacity by 2029 while its parent company Gek Terna is focused on becoming a leader in diversified infrastructure across Greece and Southeast Europe.

ADVISORS- Masdar appointed Rothschild & Co. as financial advisor and Simmons & Simmons, Bernitsas Law, and Latham & Watkins for counsel. Gek Terna and Terna Energy were advised by Morgan Stanley, Reed Smith, and Potamitis Vekris.

REFRESHER- Masdar reached a final agreement to purchase an initial 67% stake in Greece’s Terna Energy earlier in June, with plans to buy the remaining stakes once the transaction is completed.

Terna Energy’s current portfolio: The company’s capacity sits at 1.2 GW today, operating across a diverse renewable energy portfolio of wind, solar, biomass, and hydro projects, including the 680 MW Amfilochia pumped hydro project, one of Europe’s largest.

Masdar has been on an acquisition spree this year: The company acquired Spanish renewable energy firm Saeta Yield from Canada-based investment firm Brookfield for USD 1.4 bn in September. It also snapped up a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn. Outside of Europe, it acquired a 50% stake in one of the largest independent renewable energy producers in the United States, Terra-Gen Power Holdings.

IN OTHER UAE NEWS-

Gulf Cryo pulls out of Alexandria’s hydrogen project: Industrial gas producer Gulf Cryo is withdrawing from a project to establish a hydrogen gas processing unit with the state-owned Egyptian Chemical Industries (Kima) due to “external factors,” the Egyptian company said in a disclosure (pdf) to the EGX. Kima said it is going to swiftly begin the search for an alternative developer.

About the project: Gulf Cyro and Emex for Engineering and Construction were set to establish a unit to process hydrogen gas for various uses in Egypt under an agreement signed with Kima in June 2023. The unit would have been established within a Kima factory in Alexandria, with Kima committed to supplying hydrogen gas to the alliance of the two companies. The two companies were also to be responsible for processing and marketing the gas.

Gulf Cryo is also working in other areas: The company inaugurated Saudi Aramco and Sumitomo Chemical's carbon capture and utilization facility in Jeddah last year. The facility — designed, constructed, and operated by Gulf Cryo — is set to capture 300 metric tons of CO2 daily from the company’s Mono Ethylene Glycol (MEG) plant, equivalent to an 85% reduction of the plant’s annual emissions. In 2022, the company also signed a 20-year agreement with Saudi mining company Ma’aden to operate a carbon capture plant in its phosphate complex in Ras Al Khair.

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