**Abu Dhabi**: Masdar has finalised the full acquisition of Greece’s Terna Energy, having previously bought a 70% stake last year. This move is part of its strategy to expand internationally and enhance its renewable energy portfolio, aiming for 100 gigawatts capacity by 2030.
The United Arab Emirates’ renewable energy firm, Masdar, announced on Thursday that it has completed the full acquisition of Greece’s Terna Energy, following its majority stake purchase in the company last year. This strategic move is part of Masdar’s broader international expansion initiatives aimed at bolstering its presence in the renewable energy sector.
In November of the previous year, Masdar acquired a 70% stake in Terna Energy at a price of 20 euros per share, attributing an enterprise value of €3.2 billion (approximately $3.52 billion) to Terna and an equity valuation of €2.4 billion. The recent transaction involved purchasing the remaining shares through a mandatory tender offer, effectively executing a squeeze-out of the remaining shareholders, as confirmed in a company statement.
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, expressed that the acquisition of Terna is a testament to the company’s commitment to the energy transformation efforts in Greece and across Europe. The company has been actively looking to expand its portfolio in response to opportunities arising from a sector challenged by high interest rates and increasing debt costs.
Beyond its new holdings in Greece, Masdar is implementing further growth strategies in Asia and the United States, with ambitions to elevate its renewable energy capacity to 100 gigawatts by 2030, up from approximately 51 gigawatts currently in different development phases.
Masdar is headquartered in Abu Dhabi, the capital of the UAE, and is managed by several prominent entities, including the power and water company TAQA, the state oil corporation ADNOC, and the sovereign wealth fund Mubadala Investment Company. Additionally, it has been reported that the company is in the early planning stages of considering an initial public offering, indicating further potential developments in its financial strategy.
Source: Noah Wire Services
- https://esgnews.com/masdar-completes-e3-2-billion-terna-energy-acquisition/ – Supports the information about Masdar’s full acquisition of Terna Energy and the strategic importance of this move for Masdar’s presence in Europe’s renewable energy sector.
- https://masdar.ae/en/news/newsroom/masdar-closes-deal-to-acquire-terna-energy – Confirms Masdar’s initial acquisition of a 70% stake in Terna Energy, highlighting the enterprise value and growth ambitions in Greece and Eastern Europe.
- https://www.terna-energy.com/financial-press-release/masdar-closes-deal-to-acquire-terna-energy – Provides details on the acquisition process, including the price per share and the strategic alignment between Masdar and Terna Energy for renewable energy growth.
- https://www.masdar.ae/en/about-us/ – Offers information about Masdar’s headquarters, management structure, and overall mission in the renewable energy sector.
- https://www.bloomberg.com/live/us – Although not directly mentioned, Bloomberg often reports on major energy deals and could provide additional context on Masdar’s expansion strategies and market implications.
- https://www.adnoco.ae/en/investors-relations – Provides background on ADNOC, one of the entities managing Masdar, highlighting the broader state-backed support for Masdar’s operations and expansion plans.
- https://www.ekathimerini.com/economy/energy/1266657/uae-renewable-energy-firm-masdar-completes-purchase-of-greeces-terna-energy/ – Please view link – unable to able to access data
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative mentions a recent transaction and specific current initiatives, suggesting it is relatively current. However, without an exact date of publication, full freshness cannot be confirmed.
Quotes check
Score:
5
Notes:
There is a quote from Masdar’s CEO, but I couldn’t find an earlier reference online. This could be an original quote, but verification requires more specific sources.
Source reliability
Score:
9
Notes:
The narrative originates from ekathimerini.com, a reputable and well-established news source in Greece, which generally provides reliable information.
Plausability check
Score:
8
Notes:
The acquisition and expansion plans seem plausible given Masdar’s previous activities and the growing interest in renewable energy. However, specific details like future IPO plans cannot be fully confirmed without additional sources.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative appears generally reliable, with a trustworthy source and plausible information. While some details like quotes and specific dates cannot be fully verified, the overall content seems up-to-date and informed.
