At what enterprise value was TERNA ENERGY acquired in 2024?

During the acquisition of TERNA ENERGY by Masdar in 2024, the company was valued at an estimated revenue multiple of 5x - 12x. The transaction's Enterprise Value is estimated to be in the range of 3b - 100b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA.

What was the EV/EBITDA of TERNA ENERGY when it was acquired by Masdar?

The estimated EV/EBITDA multiple for TERNA ENERGY is in the range of 15x - 25x. Join our community for free to access full valuation data and industry trends.

When was TERNA ENERGY acquired by Masdar?

TERNA ENERGY was acquired by Masdar in 2024.

What was the revenue of TERNA ENERGY at the time of the deal?

The revenue of TERNA ENERGY at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of TERNA ENERGY during the acquisition?

TERNA ENERGY's EBITDA is estimated to be in the range of 150M - 250M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the TERNA ENERGY acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the TERNA ENERGY deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.terna-energy.com/financial-press-release/masdar-closes-deal-to-acquire-terna-energy/

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Home DatabaseTERNA ENERGY

11/2024

Masdar takes majority stake in TERNA ENERGY

GREECE Power Generation / Renewables EV 3b - 100b EUR

Context

Masdar concluded the acquisition of Terna Energy, the pre‑eminent Greek renewable‑energy developer and operator. The deal, first disclosed in June 2024, culminated after a rigorous regulatory review by the European Commission and the Hellenic Energy Authority, confirming compliance with competition and foreign‑investment statutes. Terna Energy’s asset base comprises operating wind farms, utility‑scale solar installations, and hydroelectric facilities, complemented by a robust pipeline of development projects spanning the Aegean, the Balkans and the broader Mediterranean region. The transaction therefore represents a definitive consolidation of two entities with complementary geographic footprints and technological competencies. From Masdar’s perspective, the transaction aligns with a long‑term growth‑oriented capital allocation framework that seeks to deepen its presence in mature European markets while diversifying its generation mix. By integrating Terna Energy’s operational expertise and established grid‑connected assets, Masdar accelerates its strategic objective of achieving a balanced portfolio of on‑shore wind, solar PV and hydro power, thereby enhancing its ability to meet increasingly stringent ESG criteria and to capture value from European renewable‑capacity auctions. The acquisition also provides a platform for cross‑border knowledge transfer, leveraging Masdar’s experience in large‑scale project development and financing to augment Terna Energy’s pipeline execution capabilities. Operationally, the combined entity is expected to pursue a coordinated integration programme that standardises asset‑management processes, optimises supply‑chain contracts and consolidates procurement functions to realise cost synergies. The enlarged scale will enable more efficient capital deployment, improve financing terms through an enhanced balance‑sheet profile, and support the acceleration of new project launches across the region. In addition, the merged platform will facilitate the deployment of advanced digital monitoring tools and predictive maintenance analytics, thereby increasing availability rates and delivering incremental generation output to the European grid.

TERNA ENERGY, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

Target

Terna Energy S.A. is a vertically integrated renewable power producer headquartered in Greece. The Group develops, constructs, operates and maintains electricity generation assets across hydroelectric, wind and solar photovoltaic technologies. Its portfolio comprises large‑scale run‑of‑river hydro plants, on‑shore wind farms and utility‑scale solar parks, collectively delivering several gigawatts of capacity to national grids and to corporate off‑take agreements. The company leverages long‑term power purchase agreements and regulated feed‑in tariffs to secure stable cash flows, while applying advanced asset management practices to optimise availability and performance. Terna Energy’s operational footprint extends throughout the Greek mainland, the Aegean islands and selected markets in Central and Eastern Europe, where it pursues strategic acquisitions and greenfield developments to broaden its geographical exposure. The Group’s corporate structure includes a dedicated engineering division responsible for project feasibility, permitting, civil works and grid interconnection, as well as an asset management unit that oversees monitoring, maintenance and compliance with environmental standards. Its client base consists of national transmission system operators, industrial off‑takers and wholesale electricity markets. The company is listed on the Athens Stock Exchange and adheres to rigorous corporate governance and sustainability reporting frameworks.

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2024

2023

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REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 150M - 250M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of TERNA ENERGY by Masdar are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: terna energy

Acquirer: masdar