Masdar completes acquisition of Greece's largest renewables company
ABU DHABI (ALETIHAD)Abu Dhabi Future Energy Company PJSC – Masdar, the UAE's clean energy leader, announced Friday its subsidiary TERNA ENERGY has completed its delisting from the Athens Stock Exchange, following Masdar's acquisition of 100 percent of the company's stock last month.A delegation led by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, together with Chief Executive Officer Mohamed Jameel Al Ramahi, toured TERNA ENERGY's Athens headquarters and met employees from across the organisation.They held strategic discussions with TERNA ENERGY Executive Chairman Georgios Peristeris, the first since the acquisition, centred on Masdar's strategy to expand the business and accelerate renewable energy growth in Southeastern and Central Europe.Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of Masdar, said, 'Bringing TERNA ENERGY into the Masdar family strengthens our position in Greece and the wider region, enabling us to expediate the growth of renewable energy solutions and unlock the investment needed to empower nations to achieve their clean energy targets. This acquisition also demonstrates the commitment of both the UAE and Masdar to bringing affordable, secure and sustainable energy to all.' (Supplied)
Through the acquisition, Masdar will simultaneously support Greece's National Energy and Climate Plan, the EU's ambition to reach net zero emissions by 2050, and advance its own global target of achieving 100 gigawatts (GW) of clean energy capacity by 2030. TERNA ENERGY is targeting an operational portfolio capacity of 6GW by 2030, and will be supported by Masdar's long-term capital and global expertise.Mohamed Jameel Al Ramahi, Masdar CEO, said, 'With TERNA ENERGY now delisted from the Athens Stock Exchange, we can maximise and leverage the combined expertise and experience of both workforces to accelerate the implementation of clean energy projects in Greece and across the region. By establishing TERNA ENERGY as our flagship platform for the region, we will both support our own renewable energy objectives and drive energy transformation in Europe.'Georgios Peristeris, Chairman and CEO of GEK TERNA and Executive Chairman of TERNA ENERGY, said, 'The delisting of TERNA ENERGY following its acquisition by Masdar marks the full integration of the two companies, creating a strong platform for accelerated growth based on their shared commitment to clean, affordable, and domestically produced energy. As part of Masdar's global network, TERNA ENERGY is now ideally positioned to expand its leadership in the renewable energy sector in Greece and the wider region'.The delisting from ATHEX follows a productive first quarter for TERNA ENERGY, which has seen the continuation of construction on key projects in Greece and Bulgaria, including the Amphilochia plant, one of largest pumped storage hydropower projects in Europe, and Masdar's first pumped hydro project in the region.The business has also reached final investment decisions on new solar, wind and battery projects with combined capacity of 250MW. These plants are due to be operational within the next two years.
Masdar acquired 70 percent of TERNA ENERGY from GEK TERNA SA and other shareholders in November last year, in a deal that gave the company an enterprise value of 3.2 billion euros – the biggest energy transaction on the Athens Stock Exchange at the time, and one of the largest in the EU renewables industry. An all-cash mandatory tender offer (MTO) and squeeze-out process for the remaining 30 percent of the company, at a price of 20 euros per share, was completed in April.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 days ago
- Zawya
Tadweer acquires waste to energy stake from Masdar
Masdar, a leading renewable energy company, has divested its stake in the Sharjah Waste-to-Energy plant to Tadweer Group, a leader in waste value unlocking. The move brings Tadweer Group and BEEAH, the region's sustainability and innovation pioneer, as joint venture partners in the Emirates Waste-to-Energy company. The acquisition allows the two organisations to focus on their core business strategies, with Masdar increasing its clean energy capacity and Tadweer focusing on UAE operations and international expansion. The Sharjah Waste-to-Energy plant, inaugurated in 2022, plays a vital role in diverting waste from landfills and converting it into electricity, supporting the UAE's sustainability objectives. The Emirates Waste-to-Energy joint venture will jointly own and operate the plant, with plans to increase its power output from 30 MW to 60 MW, double processing capacity for hard-to-recycle waste, and reduce emissions. Mohamed Al Ramahi, Chief Executive Officer of Masdar, said: 'We are proud of the impact this project has had within the UAE, and we extend our sincere thanks to BEEAH for their valued partnership since the inception of our Emirates Waste-to-Energy joint venture. As we transfer our stake, we are confident that Tadweer and BEEAH will continue to advance the project with strong leadership and a clear strategic vision.' Ali Al Dhaheri, Managing Director and Chief Executive Officer of Tadweer Group, said: 'Acquiring this high-performing asset will further enhance Tadweer Group's capabilities and support the UAE's ambition to become a global leader in sustainable waste management and energy conversion. We look forward to working with BEEAH to build on the strong foundations it has laid working alongside Masdar.' Khaled Al Huraimel, Group CEO of BEEAH Group, said: 'We thank Masdar for having partnered with us in the Emirates Waste-to-Energy joint venture and their support on the Sharjah Waste-to-Energy Plant, our inaugural, groundbreaking project. We look forward to further building on these accomplishments alongside Tadweer Group as a joint venture partner, marking a new chapter of growth and waste-to-energy innovation for the nation and the region.' - OGN /TradeArabia News Service
Sharjah 24
6 days ago
- Sharjah 24
UAE, Turkish Presidents witness exchange of agreements and MoUs
Exchanged during His Highness the UAE President's state visit to Türkiye, the agreements aim to expand cooperation, reflecting the two countries' shared commitment to further advancing bilateral relations across various sectors. The agreements and memoranda include: Agreement on the mutual protection of classified information: MoU on the establishment of a joint consular committee MoU on investment in food and agriculture MoU on investment cooperation in the pharmaceutical industry MoU on investment in tourism and hospitality MoU on investment cooperation in the industrial sector MoU on cooperation in polar research The agreements and memoranda were exchanged during a formal ceremony held at the Presidential Palace in Ankara. From the UAE side, the agreements were exchanged by: Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology Mohamed Hassan Alsuwaidi, Minister of Investment Mohamed Mubarak Al Mazrouei, Minister of State for Defence Affairs Khalifa Shaheen Al Marar, Minister of State From the Turkish side, the agreements were exchanged by: Yaşar Güler, Minister of National Defence Nuh Yılmaz, Deputy Minister of Foreign Affairs Ahmet Burak Dağlıoğlu, President of the Investment Office of the Presidency of the Republic of Türkiye Mehmet Fatih Kacır, Minister of Industry and Technology
Gulf Today
7 days ago
- Gulf Today
Masdar announces divestment of its stake to Tadweer Group
Abu Dhabi Future Energy Company - Masdar, one of the world's leading renewable energy companies, on Wednesday announced the divestment of its stake, subject to customary closing conditions, in the Sharjah Waste-to-Energy plant to Tadweer Group, a leader in unlocking the value of waste. The move also brings Tadweer Group together with BEEAH, the region's sustainability and innovation pioneer, as joint venture partners in the Emirates Waste-to-Energy company, which owns and operates the Sharjah Waste-to-Energy plant. The acquisition by Tadweer Group of Masdar's stake is a strategic decision to allow the two organisations to focus on their respective core business strategies. Masdar is continuing to ramp up its clean energy capacity, while Tadweer Group is focusing on its UAE operations and international expansion to support its ambitions to become an international leader in sustainably unlocking the value of waste. Tadweer Group and BEEAH will now synergise their waste management expertise for the sustainable operations of the Sharjah Waste-to-Energy plant, while paving the way for future projects through their Emirates Waste-to-Energy joint venture. The Sharjah Waste-to-Energy project was inaugurated in 2022 under the Emirates Waste-to-Energy company as the first commercial-scale waste-to-energy plant in the Middle East. It plays a vital role in diverting waste from landfills and converting it into electricity, supporting the UAE's broader sustainability objectives. Through the Emirates Waste-to-Energy joint venture, BEEAH and Tadweer will jointly own and operate the plant, including going forward with plans to increase its power output from 30 MW to 60 MW, while doubling processing capacity for hard-to-recycle waste and displacing twice the volume of emissions. Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, "We are proud of the impact this project has had within the UAE, and we extend our sincere thanks to BEEAH for their valued partnership since the inception of our Emirates Waste-to-Energy joint venture. As we transfer our stake, we are confident that Tadweer and BEEAH will continue to advance the project with strong leadership and a clear strategic vision.' Ali Al Dhaheri, Managing Director and Chief Executive Officer of Tadweer Group, said, "Acquiring this high-performing asset will further enhance Tadweer Group's capabilities and support the UAE's ambition to become a global leader in sustainable waste management and energy conversion. We look forward to working with BEEAH to build on the strong foundations it has laid working alongside Masdar.' Khaled Al Huraimel, Group CEO of BEEAH Group, said, "We thank Masdar for having partnered with us in the Emirates Waste-to-Energy joint venture and their support on the Sharjah Waste-to-Energy Plant, our inaugural, groundbreaking project. We look forward to further building on these accomplishments alongside Tadweer Group as a joint venture partner, marking a new chapter of growth and waste-to-energy innovation for the nation and the region.' The finalisation of this agreement underscores the partners' commitment to advancing the UAE's sustainability agenda. The organisations will continue to collaborate on innovative initiatives within the clean and renewable energy sector, reinforcing the nation's role in driving the global energy transformation and contributing to a more sustainable future. Earlier in January 2025 Emirates Waste to Energy, the joint venture between BEEAH and Masdar, has formalised Phase Two expansion plans for the Sharjah Waste to Energy plant on the sidelines of the World Future Energy Summit (WFES) during Abu Dhabi Sustainability Week (ADSW). The signing ceremony took place between Khaled Al Huraimel, Group CEO and Vice Chairman of BEEAH, and Mohamed Jameel Al Ramahi, CEO of Masdar, at BEEAH's stand at the Summit. The Phase Two expansion will replicate the successes of the current Sharjah Waste to Energy plant, which was inaugurated in 2022 as the region's first commercial-scale waste-to-energy plant. The expansion will effectively double the plant's annual output from 30 MW to nearly 60 MW, while processing up to 600,000 tonnes of hard-to-recycle waste annually and displacing up to 1 million tonnes of CO2 emissions annually. With the completion of Phase Two, the plant will also produce enough power to meet the yearly energy requirements for the equivalent of nearly 60,000 homes, helping address the increasing energy demand for the growing population and development in the Emirate of Sharjah. Khaled Al Huraimel, Group CEO and Vice Chairman of BEEAH, welcomed the agreement saying, "This expansion marks a significant milestone in our journey towards eliminating landfills in Sharjah, demonstrating that zero-waste cities are possible and underscoring the vital role of waste-to-energy innovations in the clean energy transition. "Our collaboration with Masdar led to a regional first when the plant first began operations in 2022 – waste-to-energy operations at commercial-scale. Now, we will further build on that milestone by effectively doubling capacities. We are not only accelerating our zero-waste to landfill target but we are also making a substantial contribution to the national clean energy mix while reducing carbon emissions." He added, "We believe the success of this expansion will serve as a model for more cities to reduce dependence on landfills and eventually eliminate them while taking huge steps forward for the clean-energy and net-zero transition.' Mohamed Jameel Al Ramahi, CEO of Masdar, stated, 'We are proud to extend the Sharjah Waste-to-Energy Plant for Phase Two with BEAAH. This milestone represents a significant step forward in supporting the UAE's Net Zero by 2050 initiative and aligns with the country's leadership in pioneering innovative sustainable solutions. By building on the success of Phase 1, this project will help us achieve the UAE's ambitious target of diverting 75 per cent of solid waste from landfills, demonstrating the vital role of clean energy technologies in addressing environmental challenges and driving a sustainable future for the nation.' The Phase Two expansion will accelerate total landfill diversion in Sharjah, building on the current 90 per cent landfill diversion rate — one of the highest in the world — and bring BEEAH closer to its goal of realising a zero-waste city. The waste-to-energy facility will further complement BEEAH's four square-kilometre integrated waste management complex, where over ten specialised facilities recovery valuable material for introduction into the circular economy. The remaining, hard-to-recycle waste is sent to the Sharjah Waste to Energy plant, closing the loop and diverting nearly 300,000 tonnes of waste from landfill. Annually, the 80,000 square-metre facility currently generates 30 MW of low-carbon power — enough to power 28,000 homes, displacing almost 450,000 tonnes of CO2 emissions and conserving up to 45 million cubic metres of natural gas per year. Recently, the Sharjah Waste to Energy Plant achieved the milestone of processing 500,000 tonnes of waste with a notable uptime of 93 per cent, indicating a high-level efficiency and minimal disruption in its initial years of operation. The Phase Two expansion will virtually double the total capabilities of the current plant, allowing it to process a larger volume of hard-to-recycle waste, generate more clean energy, power more homes with clean energy and displace more CO2 emissions. The innovative waste-to-energy process involves several stages, including waste segregation, high-temperature combustion, energy generation through a steam turbine generator, and flue gas treatment to remove toxins and pollutants. The expansion will maintain these advanced processes, while ensuring safe and efficient operations. It will also further demonstrate the importance of waste-to-energy innovations in the clean-energy transition, which simultaneously reduces landfill and fossil fuel dependence while lowering emissions. WAM
