Masdar, a UAE renewable energy company, has completed the purchase of Terna Energy in Greece

Masdar, the renewable energy company of the United Arab Emirates, announced on Thursday that it had acquired a 100% stake in Terna Energy Greece, following its purchase of a majority share last year. This is a step further in their international expansion strategy.

Masdar has increased its presence on European markets over the past few months, in an effort to capitalize on opportunities in a market that is being hit by rising interest rates and debt costs.

In November, it acquired 70% of Terna at 20 euros per share in a deal valued at 3.2 billion euro ($3.52 billion). This gave the Greek company a valuation worth 2.4 billion euro ($2.63billion).

Masdar stated in a press release that the remaining shares were purchased at the same price by a compulsory tender offer, and the squeeze-out of remaining shareholders.

Masdar CEO Mohamed Jameel Al Ramahi stated that Terna's purchase underscored the commitment of the company to the energy revolution in Greece and Europe.

The company has also plans to expand in Asia and America. The company wants to expand its renewable energy capacity from 51 gigawatts to 100 gigawatts by 2030.

Masdar, headquartered in Abu Dhabi's capital, is owned by the state oil giant ADNOC, power and water company TAQA and sovereign wealth fund Mubadala Investment Company.

Last month, it was reported that the company is considering a possible initial public offering.

(source: Reuters)