Terna Energy Bundle
Who Owns Terna Energy Company?
TERNA ENERGY S.A., founded in 1997 and based in Athens, Greece, is a significant player in renewable energy. It focuses on developing, constructing, financing, and operating wind, solar, hydroelectric, and biomass facilities, alongside providing energy management solutions.
As of the end of 2024, TERNA ENERGY boasted the largest and most diversified project portfolio in Greece, with an installed capacity of 1,224 MW. The company has been listed on the Athens Exchange since 2009, forming part of the FTSE/Athex Large Cap index.
The recent acquisition by Masdar represents a major shift in the company's ownership structure. Understanding this evolution is key to grasping TERNA ENERGY's strategic direction and its role in the energy transition. A detailed look at its ownership history, stakeholders, and board composition offers valuable insights into its operations and future plans. For a deeper understanding of its market dynamics, consider a Terna Energy Porter's Five Forces Analysis.
Who Founded Terna Energy?
TERNA ENERGY S.A. was established in 1997 as a subsidiary of Terna. By 1999, a significant merger occurred between Terna and GEK, creating GEK TERNA, which rapidly grew to become Greece's largest conglomerate. While specific details about the individual founders, their backgrounds, and the initial equity distribution are not extensively documented, the early ownership structure firmly placed TERNA ENERGY within the broader GEK TERNA Group.
Foundation and Initial Structure
TERNA ENERGY was incorporated in 1997 as a subsidiary of Terna. The company's early development was intrinsically linked to its parent company, Terna, and later the merged entity, GEK TERNA.
Merger and Conglomerate Formation
In 1999, Terna merged with GEK to form GEK TERNA, establishing Greece's largest conglomerate. This merger significantly influenced TERNA ENERGY's strategic direction and resource allocation.
Focus on Renewable Energy
While GEK TERNA Group, through Heron S.A., was involved in thermoelectric power generation, TERNA ENERGY maintained a distinct focus exclusively on renewable energy sources.
Early Operational Milestones
The company's first wind park became operational in 2000 with an installed capacity of 11.22 MW. This marked the beginning of rapid expansion in its wind park portfolio within Greece.
International Market Expansion
By 2004, TERNA ENERGY began venturing into international renewable energy markets, initially focusing on the Balkans and expanding into Central Europe by 2005.
Diversification into Hydroelectric Power
The company further diversified its renewable energy segments by constructing its first two small hydroelectric plants in 2006, all under the strategic guidance of GEK TERNA.
The early ownership of TERNA ENERGY was firmly rooted within the GEK TERNA Group, which provided the strategic framework and capital for its initial growth and expansion into various renewable energy sectors. This foundational period established the company's trajectory towards becoming a significant player in the renewable energy landscape.
Key Aspects of Early Ownership and Development
TERNA ENERGY's inception and early growth were characterized by its integration into a larger conglomerate, enabling significant investment and strategic diversification. The company's commitment to renewable energy was evident from its early operational milestones and international expansion efforts.
- TERNA ENERGY S.A. incorporated in 1997 as a subsidiary of Terna.
- Merger with GEK in 1999 formed GEK TERNA, Greece's largest conglomerate.
- Initial ownership structure placed TERNA ENERGY within the GEK TERNA Group.
- First wind park operational in 2000 with 11.22 MW capacity.
- International expansion into Balkans by 2004 and Central Europe by 2005.
- Diversification into small hydroelectric plants in 2006.
- The company's journey reflects a strategic focus on renewable energy, aligning with the broader Mission, Vision & Core Values of Terna Energy.
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How Has Terna Energy’s Ownership Changed Over Time?
The ownership journey of TERNA ENERGY S.A. has seen significant transformations, notably its listing on the Athens Exchange in 2007 and a pivotal acquisition in late 2024 that reshaped its stakeholder landscape.
| Event | Date | Key Details |
| IPO Listing on ATHEX | November 14, 2007 | Raised €330,638,675.40; became part of FTSE/Athex Large Cap index. |
| Masdar Acquisition (Initial 70%) | November 2024 | Masdar acquired 70% from GEK TERNA S.A. and other shareholders for €3.2 billion enterprise value. |
| Masdar Mandatory Tender Offer | Post-November 2024 | Masdar offered to acquire all remaining shares to achieve 100% ownership. |
| Masdar 100% Acquisition & Delisting | April 10, 2025 | Masdar completed the acquisition, leading to the company's delisting from the Athens Stock Exchange. |
Before the recent acquisition by Masdar, GEK TERNA Group was the primary entity associated with TERNA ENERGY. An earlier notable investment saw U.S. firm York Capital Management acquire stakes in both GEK Terna and TERNA ENERGY in 2013. The current ownership structure is heavily concentrated, with Masdar Hellas Single Member S.A. holding a substantial majority.
Current Ownership Structure
Following the complete acquisition by Masdar, the ownership of TERNA ENERGY has been significantly consolidated. This shift is poised to fuel substantial capital investments.
- Masdar Hellas Single Member S.A. holds 97.31% of the voting rights.
- The free float represents a minimal 2.69% of the shares.
- This acquisition is expected to support TERNA ENERGY's ambitious growth plans.
- The company aims for 6 GW of renewable energy operational capacity by 2029.
- This aligns with the EU's net-zero objectives by 2050.
The acquisition by Masdar represents a landmark event, not only for TERNA ENERGY but also for the European renewables sector, marking the largest energy transaction on the Athens Stock Exchange to date. This strategic move is anticipated to inject considerable capital, bolstering the company's capacity to expand its renewable energy portfolio. Understanding the Revenue Streams & Business Model of Terna Energy provides further context to the strategic importance of this ownership change.
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Who Sits on Terna Energy’s Board?
Following Masdar's complete acquisition of Terna Energy, the company's board of directors and voting power have been significantly reshaped. Georgios Peristeris continues as Executive Chairman, and Emmanuel Maragoudakis remains CEO, both supporting Masdar's leadership in the company's growth.
| Role | Name | Affiliation |
| Executive Chairman | Georgios Peristeris | Masdar |
| Chief Executive Officer | Emmanuel Maragoudakis | Masdar |
The Shareholders' Annual General Assembly on June 20, 2024, saw participation from shareholders representing 69.63% of the share capital. Masdar Hellas Single Member S.A. now holds a dominant 97.31% of the voting rights, consolidating control and enabling strategic direction, including board appointments. The remaining 2.69% represents a free float with considerably less voting influence, indicating Masdar's substantial controlling interest in Terna Energy's future operations and alignment with its clean energy objectives.
Terna Energy Ownership Structure
Masdar's acquisition has fundamentally altered Terna Energy's ownership landscape. This consolidation of voting power ensures Masdar's strategic vision will guide the company's trajectory.
- Masdar Hellas Single Member S.A. holds 97.31% of voting rights.
- The free float of publicly traded shares is 2.69%.
- Masdar's majority ownership grants significant control over board appointments and company decisions.
- This shift impacts Terna Energy's strategic direction and integration into Masdar's clean energy portfolio.
- For a detailed look at the company's past, see the Brief History of Terna Energy.
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What Recent Changes Have Shaped Terna Energy’s Ownership Landscape?
The ownership landscape of TERNA ENERGY has undergone a significant transformation over the past few years, culminating in its full acquisition by Abu Dhabi Future Energy Company PJSC – Masdar. This shift marks a new era for the company, integrating it into a larger global renewable energy entity.
| Event | Date | Details |
|---|---|---|
| Initial Stake Acquisition | November 28, 2024 | Masdar acquired 70% of TERNA ENERGY's shares from GEK TERNA S.A. and other shareholders for an enterprise value of €3.2 billion. |
| Full Acquisition Completion | April 10, 2025 | Masdar completed the acquisition of 100% of TERNA ENERGY's shares, leading to its delisting from the Athens Stock Exchange. |
This acquisition by Masdar is a pivotal development, signaling a strategic move to bolster its European presence and accelerate TERNA ENERGY's growth trajectory. The integration aims to leverage Masdar's global expertise and capital to expand TERNA ENERGY's renewable energy portfolio. This trend mirrors a broader industry movement towards consolidation, where major energy players and investment funds are actively acquiring renewable energy assets to enhance their clean energy portfolios. The exit of founding entities, such as GEK TERNA's stake disposal, is often a consequence of these large-scale consolidation efforts.
Financial Performance Highlights
TERNA ENERGY reported robust financial results for fiscal year 2024. Revenues from continuing operations grew by 37.6% year-over-year, reaching €347.1 million. Adjusted EBITDA from continuing operations saw a 22.6% increase, totaling €212.6 million.
Operational Growth and Expansion
By the end of 2024, the company's total installed capacity reached 1,224 MW. Renewable energy generation increased by 24.7% year-on-year to 3.2 TWh. New projects totaling 500 MW are commencing construction, with an investment of approximately €370 million.
Strategic Vision and Future Targets
Masdar's acquisition is aligned with its ambition to achieve a 100 GW renewable energy portfolio by 2030. For TERNA ENERGY, the goal is to reach 6 GW of operational renewable energy capacity by 2029, significantly expanding its current operational base.
Industry Context and Consolidation Trends
The acquisition of TERNA ENERGY by Masdar exemplifies a broader trend of consolidation within the renewable energy sector. This strategic consolidation is driven by the pursuit of scale and efficiency, as well as the increasing demand for clean energy solutions. Understanding the Target Market of Terna Energy provides further context to these strategic moves.
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