United Arab Emirates’ renewable energy company Masdar said on Thursday it had fully acquired Greece’s Terna Energy, after buying a majority stake last year, a further step in its international expansion strategy.
Masdar, seeking to capitalise on opportunities in a sector hit by high interest rates and rising debt costs, has been growing its presence in European markets in recent months.
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It acquired 70% of Terna in November at 20 euros a share, which it had said gave Terna an enterprise value of 3.2 billion euros ($3.52 billion) and an equity valuation of 2.4 billion euros.
The remaining shares were bought at the same price through a mandatory tender offer and squeeze-out of the remaining shareholders, Masdar said in a statement.
Masdar CEO Mohamed Jameel Al Ramahi said Terna’s acquisition underscored the company’s commitment to the energy transformation in Greece and in Europe.
The company also has plans to grow in Asia and the United States. It wants to increase its capacity to 100 gigawatts of renewable energy by 2030 from about 51 gigawatts, currently in various stages of development.
Headquartered in the UAE capital Abu Dhabi, Masdar is controlled by power and water firm TAQA, state oil giant ADNOC and sovereign wealth fund Mubadala Investment Company.
Reuters reported last month it is in the early stages of considering an initial public offering.
