UAE’s renewables giant Masdar nabbed an additional 30% stake in Greece-listed Terna Energy in a squeeze-out, according to two separate statements here (pdf). The purchasing price — a EUR 20 per share — is equivalent to the last closing price of the Athens-listed firm.

With a delisting in view: Upon securing regulatory approval, the transaction will see Terna Energy’s shares delisted from the Athens Stock Exchange, bringing Masdar’s total holding in the clean energy company to 100%, up from 70% as of November of last year. The transaction valued the company then at EUR 3.2 bn.

Terna in numbers: Terna’s bottomline grew 23.5% y-o-y to EUR 70.5 mn in 2024, while its topline was up 37.6% y-o-y to EUR 347.1 mn largely driven by an uptick in renewable energy sales, according to its latest earnings release. 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’s been on M&A roll this year: Masdar has just secured two major Spain-based acquisitions, clinching a 234 MW Valle Solar PV project in Spain’s valencia from Saeta Yield and finalizing a 49.99% stake aqcuisition agreement in four solar assets owned by utility firm Endesa.

2024 was also busy: The renewables major also finalized last December a 49.99% stakeacquisition in EGPE Solar — an Endesa subsidiary with 2 GW assets — for EUR 817 mn and an equity value of EUR 280 mn. Last year also saw the firm bolster its European portfolio by acquiring Spanish renewables firm Saeta Yield’s 1.6 GW worth of renewables, in addition to a 49% stake in the UK’s 3 GW Dogger Bank Wind Farm. Across the pond, it also bought 50% of Terra-Gen Power Holdings, a US renewable energy producer.

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