Abu Dhabi Future Energy (Masdar) has completed the acquisition of a 70% majority stake in Greece’s TERNA ENERGY in a deal valued at €3.2 billion ($3.3 billion) to support its European expansion strategy.

The deal is the largest energy transaction in the history of the Athens Stock Exchange and one of the largest in the European renewables sector.

The acquisition was conducted at €20 ($21.4) per share, and finalized following the receipt of all necessary regulatory approvals.

Masdar now plans to seek clearance from the Hellenic Capital Markets Commission (HCNC) to launch an all-cash mandatory tender offer for the remaining shares of TERNA ENERGY.

TERNA ENERGY holds Greece’s largest and most diverse portfolio, with projects that include wind, solar, biomass, and hydropower technologies.

The company operates 1.2 GW of capacity, including the 680-MW Amfilochia pumped hydro project—one of Europe’s largest.

With a target to reach 6 GW by 2029, TERNA ENERGY aligns with Masdar’s target of achieving 100 GW of global renewable capacity by 2030.

Masdar’s CEO Mohamed Jameel Al Ramahi said TERNA ENERGY will serve as a core regional platform for Masdar, enabling both companies to capitalize on the growing demand for clean, domestically produced energy in southeastern Europe.

TERNA ENERGY’s Executive Chairman Georgios Peristeris described the deal with Masdar as a strategic alignment that opens up endless growth opportunities.

The transaction was supported by Rothschild & Co., Simmons & Simmons, Bernitsas Law, and Latham & Watkins on Masdar’s side. GEK TERNA, the parent company of TERNA ENERGY, retained Reed Smith and Potamitis Vekris as legal advisors, with Morgan Stanley acting as sole financial advisor.

In November, Masdar signed an investment agreement with its partners to develop a 1 GW wind energy project in Kazakhstan’s Jambyl region. The project will include a 600 MWh Battery Energy Storage System (BESS). Construction is scheduled to begin by early 2026.

Last December, Masdar and Taaleri Energia, a Finland-based renewable energy developer, acquired eight hybrid renewable energy projects in Poland with a combined capacity of 1 GW from Domrel Biuro Usług Inwestycyjnych.