Masdar has signed an agreement to acquire Greece’s Terna Energy for an enterprise value of €3.2 billion ($3.43 billion) as the Abu Dhabi clean energy company seeks to reach a renewable power generation capacity of 100 gigawatts by 2030.
Masdar will initially acquire 67 per cent of Terna's outstanding shares at completion of the transaction.
It will subsequently launch an all-cash mandatory tender offer to acquire all the remaining shares of the company, the Greek company said on Thursday.
The transaction and subsequent offer value Terna’s total equity at €2.4 billion with an enterprise value of €3.2 billion, making it the largest energy transaction on the Athens Stock Exchange, Terna said.
“Today marks a major milestone in Masdar's strategy to expand its portfolio and it will make a substantial contribution to the renewable energy capacity of Greece,” said Dr Sultan Al Jaber, chairman of Masdar and UAE Minister of Industry and Advanced Technology.
“As one of Europe's biggest renewable energy transactions in 2024, this investment reflects the UAE's clear commitment to Greece and Europe's clean energy development.”
Masdar, jointly owned by the Abu Dhabi National Energy Company, better known as Taqa, Adnoc and Mubadala, is active in 40 countries.
It aims to expand its capacity to at least 100 gigawatts of renewable energy by the end of the decade from about 20 gigawatts currently.
The company has also been pushing to expand its footprint in Europe, which has made significant strides in clean energy adoption in recent years.
“We are injecting capital and global expertise to accelerate Terna’s expansion, supporting Greece's renewable energy ambitions and extending Masdar's global reach,” said Mohamed Al Ramahi, chief executive of Masdar.
Terna, which was established in 1997, specialises in financing, developing and operating renewable energy plants focused on wind, solar, hydroelectric and pumped storage projects.
The company recently unveiled its plan to achieve a renewable energy operational capacity of six gigawatts by 2030.
The EU has set an ambitious binding target to increase the use of renewable energy sources, aiming for at least 42.5 per cent of overall energy consumption to come from renewables by 2030, with some member states aiming for as high as 45 per cent by the same year.
Following the closure of most of its coal-fired power plants as part of a plan to phase out coal by 2026, Greece has more than doubled its renewable energy output since 2014.
"Our agreement ... is also a strong vote of confidence for Greece and its prospects," said Georgios Peristeris, chief executive of Gek Terna, the parent company of Terna Energy.
The world added 50 per cent more renewable capacity in 2023 than in 2022, and the next five years will see the fastest growth yet, but a lack of financing for emerging and developing economies will continue to be a key issue, according to the International Energy Agency.
The amount of renewable energy capacity added around the world reached almost 510 gigawatts last year, with solar PV accounting for three-quarters of additions worldwide, the agency said in a January report.
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
UAE currency: the story behind the money in your pockets
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
KILLING OF QASSEM SULEIMANI
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
EXPATS
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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