Masdar completed the deal to acquire 70% of TERNA Energy

Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), leader of clean energy in the United Arab Emirates, announced today the successful completion of the acquisition of 70% of the shares of TERNA ENERGY SA. E.T. E (TENERGY.AT) by GEK TERNA A. E (GEKTERNA.AT) and other shareholders, having received all necessary regulatory approvals. The agreement, at a price of 20 euros per share, valued the business value of TERNA ENERGY at 3.2 billion euros, becoming the largest transaction in the energy sector in the history of the Athens Stock Exchange and one of the largest in the renewable energy sector in the EU. After completion of the transaction, Masdar will request the necessary regulatory approvals from the Securities and Exchange Commission (EC) for the opening of a mandatory public tender in cash, with the aim of acquiring all remaining shares of TERNA ENERGY. TERNA ENERGY has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland. The company has and operates clean energy projects in wind, solar and hydroelectric energy technologies as well as biomass, while as a leader in Greece’s renewable energy sources, it also manufactures one of the largest pumping projects in Europe, the 680 MW Amphiloxia power project. With TERNA ENERGY currently operating projects with a installed capacity of 1,2 GW, the acquisition reflects Masdar’s confidence in the company’s impressive development potential, aiming at 6 GW by 2029. TERNE ENERGY will play an important role in strengthening Masdar’s portfolio throughout Europe as it aims worldwide at 10 GW by 2030 to support the energy transition. Mohamed Jameel Al Ramahi, CEO of Masdar, said: “Masdar is proud to become the main shareholder of TERNA ENERGY, joining two energy leaders. Our common vision and our long-term capital commitment will pave the way for important growth opportunities, supporting the strategy of TENA ENERGY to contribute to the achievement of Greece’s ambitious objectives in the field of renewable energy. Masdar’s acquisition strategy focuses not only on acquiring assets, but also on investing in excellent groups. Our ambition is to establish TERNA ENERGY as one of our main regional platforms, which will help us achieve our ambitious goals. I look forward to working with Executive Chairman, George Peristeris, and CEO Emmanuel Maragoudakis, to support the energy transition to Greece and Europe.” George Peristeris, Chairman and CEO of GEK TERNA Group, and Executive Chairman of TERNA ENERGYKI, said: “Our agreement with Masdar reflects the unparalleled leadership role of TERNA ENERGY in the energy transition of Greece and Southeast Europe, as a result of our consistent and uninterrupted efforts for over 25 years to create the largest and fastest-growing clean energy platform in our country. Having a common vision with Masdar of clean, affordable and domestically produced energy, we look forward to working together for a future full of unlimited development potential for TERNA ENERGY.”