{"id":88335,"date":"2024-12-02T00:00:00","date_gmt":"2024-12-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/02\/masdar-finalizes-acquisition-of-70-of-greeces-terna-energy\/"},"modified":"2024-12-02T00:00:00","modified_gmt":"2024-12-02T00:00:00","slug":"masdar-finalizes-acquisition-of-70-of-greeces-terna-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/02\/masdar-finalizes-acquisition-of-70-of-greeces-terna-energy\/","title":{"rendered":"Masdar finalizes acquisition of 70% of Greece\u2019s Terna Energy"},"content":{"rendered":"

Masdar<\/strong> completes Terna acquisition: <\/strong>UAE renewables giant Masdar completed its acquisition of a 70% stake in Greece\u2019s major renewables player Terna Energy<\/a> 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<\/a> released on Thursday. Masdar \u2014 now Terna Energy\u2019s majority shareholder \u2014 plans to seek regulatory approval for an all-cash, mandatory offer to buy the remaining stakes of the Greek company.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The bigger picture: <\/strong>The move pushes Masdar closer to achieving its goal of 100 GW of global energy capacity by 2030, the statement says. Terna \u2014 the largest investor in Greece\u2019s renewables sector \u2014 aims to achieve 6 GW of operational renewables capacity by 2029 while its parent company Gek Terna<\/a> is focused on becoming a leader in diversified infrastructure across Greece and Southeast Europe.<\/p>\n

ADVISORS- <\/strong>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.<\/p>\n

REFRESHER- <\/strong>Masdar reached a final agreement to purchase an initial 67% stake in Greece\u2019s Terna Energy earlier in June<\/a>, with plans to buy the remaining stakes once the transaction is completed.<\/p>\n

Terna Energy\u2019s current portfolio<\/strong>: The company\u2019s 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\u2019s largest.<\/p>\n

Masdar has been on an acquisition spree this year: <\/strong>The company acquired Spanish renewable energy firm Saeta Yield<\/a> from Canada-based investment firm Brookfield for USD 1.4 bn in September. It also snapped up a 50% stake<\/a> in Spanish power firm Endesa\u2019s solar power installations subsidiary EPGE Solar for AED 3.3 bn. Outside of Europe, it acquired a 50% stake<\/a> in one of the largest independent renewable energy producers in the United States, Terra-Gen Power Holdings.<\/p>\n

\n

IN OTHER UAE NEWS-<\/p>\n

Gulf <\/strong>Cryo pulls out of Alexandria\u2019s hydrogen project: <\/strong>Industrial gas producer Gulf Cryo<\/a> is withdrawing from a project to establish a hydrogen gas processing unit with the state-owned Egyptian Chemical Industries (Kima) due to \u201cexternal factors,\u201d the Egyptian company said in a disclosure (pdf)<\/a> to the EGX. Kima said it is going to swiftly begin the search for an alternative developer. <\/p>\n

About the project: <\/strong>Gulf Cyro and Emex for Engineering and Construction were set to establish<\/a> 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.<\/p>\n

Gulf Cryo is also working in other areas: <\/strong>The company inaugurated Saudi Aramco and Sumitomo Chemical's carbon capture and utilization facility<\/a> in Jeddah last year. The facility \u2014 designed, constructed, and operated by Gulf Cryo \u2014 is set to capture 300 metric tons of CO2 daily from the company\u2019s Mono Ethylene Glycol (MEG) plant, equivalent to an 85% reduction of the plant\u2019s annual emissions. In 2022, the company also signed a 20-year agreement with Saudi mining company Ma\u2019aden to operate a carbon capture plant<\/a> in its phosphate complex in Ras Al Khair.<\/p>\n","protected":false},"excerpt":{"rendered":"

The renewables giant purchased the stake for EUR 3.2 bn<\/p>\n","protected":false},"author":1,"featured_media":88336,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[11,151,79,160,88],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-investment-watch","tag-ma-watch","tag-masdar","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"0469862d-39f3-4eaf-bad2-9023d0d166fd","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/127.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar finalizes acquisition of 70% of Greece\u2019s Terna Energy","related_issue":[88330],"teaser":"The renewables giant purchased the stake for EUR 3.2 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.ca86e74f-c54b-40e0-bce2-23f018de4013.mp3"},"yoast_head":"\nMasdar finalizes acquisition of 70% of Greece\u2019s Terna Energy - 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