[UPDATE: Masdar announced that it completed its acquisition of Terna Energy on 28 November 2024. This news announcement was originally published on 20 June 2024, following the deal's agreement]
International law firm Simmons & Simmons has advised leading UAE renewable energy company Masdar on a major €3.2bn (enterprise value) deal to acquire Greek renewables company Terna Energy.
The deal, which represents the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry, will result in Masdar acquiring initially 67% of Terna Energy’s outstanding shares, subject to regulatory approvals and conditions.
The major acquisition will expand Masdar’s European portfolio, and is expected to provide significant capital investment in Greece and other EU countries – unlocking renewable energy capacity and supporting the EU's net zero by 2050 goals.
Terna Energy is a leading European clean energy platform, specialising in financing, developing, constructing and operating renewable energy facilities, focused on wind, solar, hydroelectric and pumped storage projects.
Masdar is one of the world’s fastest growing renewable energy companies. It has developed projects in more than 40 countries across six continents, and is involved in global investment projects with a combined value of more than US$30 billion.
Simmons advised Masdar on the transaction with a team led by Raghav Ghai, partner in the firm’s UK Corporate practice, and Corinne Noel, Of Counsel in the firm’s ENRI (Energy, Natural Resources and Infrastructure) practice.
Commenting on the acquisition, Raghav Ghai said: “Our leading corporate team is very pleased to have advised Masdar on this complex, cross-border transaction. This landmark deal will support the growth of Masdar’s clean energy portfolio and play an important role in the global energy transition.”
