Yahoo Finance UAE’s Masdar to Buy Greek Renewables Firm to Expand in Europe
(Bloomberg) -- The United Arab Emirates’s renewable energy producer Masdar agreed to buy Terna Energy SA in a 2.4 billion euro ($2.6 billion) deal to boost its capacity in Europe.
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Masdar will offer 20 euros a share to investors including infrastructure group GEK Terna SA, which would give it a total stake of 67% in the Greek firm, according to a statement Thursday. Masdar will then make a cash offer for the outstanding shares to take Terna private.
The Middle East company is targeting a series of deals, including in Europe and the US, to more than double its green power capacity to 100 gigawatts by the end of the decade. The UAE became the first Middle Eastern oil producer to declare a target to reach net zero carbon emissions by 2050.
The deal will be “one of Europe’s biggest renewable energy transactions in 2024” and is a “major milestone” in Masdar’s expansion plan, Chairman Sultan Al Jaber, said in the statement. Al Jaber is also president of the UN’s COP climate conference, which the UAE hosted last year, as well as chief executive officer of Abu Dhabi National Oil Co.
Terna Energy, which operates wind farms in Greece, southeastern and central Europe, began evaluating offers two years ago. The company has a target to reach total installed capacity of about 6GW by 2030.
Rothschild & Co. was the financial adviser for Masdar, while Morgan Stanley advised Terna, according to the statement.
--With assistance from Paul Tugwell.
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