Masdar marked a significant expansion in Europe on Friday with the 100 per cent acquisition of Greek clean energy company Terna Energy.
Abu Dhabi's clean energy company had acquired 70 per cent of Terna Energy in 2024. On Friday, the Greek company delisted from the Athens stock exchange after its full acquisition by its largest shareholder.
''With full ownership of all shares, we can fully integrate Terna Energy into our global operations and accelerate the implementation of our shared vision for renewable energy development in Greece and across wider Europe, establishing Terna Energy as our flagship platform in the region,'' said Mohamed Jameel Al Ramahi, CEO of Masdar.
''Masdar’s long-term capital and global expertise will supercharge Terna Energy, as we target a global clean energy portfolio capacity of 100GW by 2030. This acquisition underscores Masdar’s commitment to driving the energy transformation in Greece and other European countries.''
Terna Energy has projects in Bulgaria and Poland, in addition to its diversified portfolio in Greece. Of its total installed capacity of 1,224MW, 102MW are in Poland and an additional 30MW are located in Bulgaria.
It is also currently building the 680MW Afilochia project in Greece, which Terna Energy said will be one of the largest pumped hydro projects on the continent.
Terna Energy hopes to grow to 6GW by 2030.
In addition to Greece, Masdar has made large steps in expanding operations in the Iberian Peninsula, including an agreement to acquire a 49.99 per cent stake in four power plants, which have a total capacity of 446MW. The deal was made in partnership with Spanish utility company Endesa SA.
Masdar announced that same month it had bought Valle Solar, one of the largest solar projects in Spain's Valencia region. It is expected to be operation in the first half of 2027 and will have a 234MW photovoltaic plant.
The announcement came during an official visit to Greece by senior government officials and representatives from leading UAE companies.
During the visit Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, held talks with Greek Prime Minister Kyriakos Mitsotakis.
During his meeting with Mr Mitsotakis, he “reaffirmed the UAE’s commitment to strengthening bilateral co-operation and expanding it to new strategic areas of mutual interest”.
Meetings also took place with Dr Al Jaber and Kostis Hatzidakis, Deputy Prime Minister of Greece, as well as Nikos Dendias, Greek Minister for National Defence.
An announcement was also made during the visit, confirming the two countries would continue implementing the existing UAE-Greece double taxation agreement, with emphasis on a shared commitment to “a stable investment climate and deeper economic co-operation”.
The total value of non-oil trade between the UAE and Greece reached Dh2.22 billion in 2024, representing a six per cent year-on-year increase, which was fuelled by a 26.3 per cent rise in imports.
In the first quarter of 2025, trade between the two countries grew by more than 40 per cent compared to the same period the previous year, supported by a more than 140 per cent increase in exports, a 46 per cent increase in re-exports, and a 26 per cent rise in imports, Wam reported.
Over the past five years, non-oil trade between the UAE and Greece has grown by 80 per cent, with significant increases in exports (72 per cent) and imports (84 per cent).
