Masdar to acquire 67% stake in Greek renewables company Terna Energy

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A Masdar project.
Masdar plans to grow its portfolio in Europe to 100GW by 2030. Image: Masdar

UAE state-owned renewable energy developer Masdar has reached an agreement to buy a 67% stake in Greece’s Terna Energy.

Masdar bought Terna Energy’s stake at €20 (US$21.45) per share. The acquisition price represented an equity valuation of €2.4 billion and an enterprise value of €3.2 billion. After completing the transaction, Masdar said it will launch an all-cash mandatory tender offer to acquire all the remaining outstanding shares of Terna Energy.

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Masdar also said the transaction is expected to provide significant capital investment in Greece and other European countries, supporting “Terna Energy’s contribution to Greece’s National Energy and Climate Plan (NECP)” and the EU’s net zero by 2050 target. Masdar described the transaction as an important step in growing its portfolio in Europe as it targets 100GW global capacity by 2030.

“We are injecting capital and global expertise to accelerate Terna Energy’s expansion, supporting Greece’s renewable energy ambitions and extending Masdar’s global reach. As a leading European development platform, Terna Energy is expected to play an important role in Masdar’s growing portfolio in Greece and Europe,” said Mohamed Jameel Al Ramahi, CEO of Masdar.

Earlier this month, Masdar also started constructing two solar PV projects in Azerbaijan, with a combined capacity of 760MW.

The entire development, developed in collaboration with Azerbaijan’s state oil company SOCAR, includes the 445MW Bilasuvar solar PV project, the 315MW Neftchala solar PV project and a 240MW wind project. Investment agreements for the projects were reached in October 2023, followed by the signing of power purchase agreements (PPAs), transmission connection agreements and land lease agreements.

PV Tech publisher Solar Media will be organising the second edition of Large Scale Solar Southern Europe in Athens, Greece during 2-3 July 2024. The event will focus on an ever-growing market such as Southern Europe with a packed programme of panels, presentations and fireside chats from industry leaders responsible for the build-out of solar PV projects in Greece, Turkey and Croatia. For more information, including how to attend, please go to the official website.
2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
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The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

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