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					</table><p>Abu Dhabi Future Energy (<a href="https://www.mercomindia.com/masdar-partners-begin-construction-of-1-5-gw-al-ajban-solar-project-in-abu-dhabi" target="_blank" rel="noopener">Masdar</a>) has completed the acquisition of a 70% majority stake in Greece’s TERNA ENERGY in a deal valued at €3.2 billion ($3.3 billion) to support its European expansion strategy.</p>
<p>The deal is the largest energy transaction in the history of the Athens Stock Exchange and one of the largest in the European renewables sector.</p>
<p>The acquisition was conducted at €20 ($21.4) per share, and finalized following the receipt of all necessary regulatory approvals.</p>
<p>Masdar now plans to seek clearance from the Hellenic Capital Markets Commission (HCNC) to launch an all-cash mandatory tender offer for the remaining shares of TERNA ENERGY.</p>
<p>TERNA ENERGY holds Greece’s largest and most diverse portfolio, with projects that include wind, solar, biomass, and hydropower technologies.</p>
<p>The company operates 1.2 GW of capacity, including the 680-MW Amfilochia pumped hydro project—one of Europe’s largest.</p>
<p>With a target to reach 6 GW by 2029, TERNA ENERGY aligns with Masdar’s target of achieving 100 GW of global renewable capacity by 2030.</p>
<p>Masdar’s CEO Mohamed Jameel Al Ramahi said TERNA ENERGY will serve as a core regional platform for Masdar, enabling both companies to capitalize on the growing demand for clean, domestically produced energy in southeastern Europe.</p>
<p>TERNA ENERGY’s Executive Chairman Georgios Peristeris described the deal with Masdar as a strategic alignment that opens up endless growth opportunities.</p>
<p>The transaction was supported by Rothschild &amp; Co., Simmons &amp; Simmons, Bernitsas Law, and Latham &amp; Watkins on Masdar’s side. GEK TERNA, the parent company of TERNA ENERGY, retained Reed Smith and Potamitis Vekris as legal advisors, with Morgan Stanley acting as sole financial advisor.</p>
<p>In November, Masdar <a href="https://www.mercomindia.com/uaes-masdar-signs-wind-project-in-kazakhstan">signed</a> an investment agreement with its partners to develop a 1 GW wind energy project in Kazakhstan’s Jambyl region. The project will include a 600 MWh Battery Energy Storage System (BESS). Construction is scheduled to begin by early 2026.</p>
<p>Last December, Masdar and Taaleri Energia, a Finland-based renewable energy developer, <a href="https://www.mercomindia.com/masdar-acquires-1-gw-renewable-portfolio-poland" target="_blank" rel="noopener">acquired</a> eight hybrid renewable energy projects in Poland with a combined capacity of 1 GW from Domrel Biuro Usług Inwestycyjnych.</p>


UAE’s Masdar Acquires 70% Stake in Greece’s TERNA ENERGY for $3.3 Billion


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					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-doral-renewables-secures-400-million/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-equity-financing-apg/" target="_blank" rel="noopener">secured</a></strong><strong> a $400 million minority equity investment</strong> from Dutch pension APG on behalf of Dutch pension fund ABP. APG said it would provide its pro rata share of corporate credit support and funding for the company’s energy business, amounting to an additional $185 million in capital over time. This investment and APG partnership will help develop the company’s energy projects pipeline.</p>
<p><strong>Eos Energy, a zinc-based long-duration energy storage solution provider, <a href="https://mercomcapital.com/eos-energy-secures-316-million-strategic-investment-from-cerberus/" target="_blank" rel="noopener">secured</a></strong><strong> $315.5 million from Cerberus Capital Management</strong>.  The company produces aqueous zinc batteries, which are claimed to overcome the limitations of conventional lithium-ion technology. The funding will support Eos’s plan to scale operations and execute its path to profitability. In addition, Eos will utilize some of the proceeds to retire its existing $100 million senior secured term loan on favorable terms.</p>
<p><strong>Masdar (Abu Dhabi Future Energy Company), a UAE-based renewable energy project developer, has reached a definitive agreement with Gek Terna and other shareholders to </strong><a href="https://mercomcapital.com/masdar-to-acquire-clean-energy-developer-terna-energy/" target="_blank" rel="noopener"><strong>acquire</strong></a> an initial 67% stake in European clean energy developer TERNA ENERGY, subject to regulatory approvals and other conditions. After this transaction, Masdar plans to launch an all-cash mandatory tender offer to acquire the remaining shares with the intention of reaching 100%.</p>
<p><strong>Nextracker, a solar tracker and software solutions provider, </strong><a href="https://mercomcapital.com/solar-tracking-solution-provider-nextracker-acquires-foundation-developer-ojjo/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of Ojjo, a company specializing in foundation technology and services used in utility-scale ground-mount applications</strong>, in an all-cash transaction valued at approximately $119 million. According to Nextracker, this acquisition will advance its existing foundation capabilities and is expected to accelerate the future development of new solar foundation solutions to meet customer demand.</p>
<p><strong>SC Oscar, a Singapore-based fund manager specializing in renewable energy investments, </strong><a href="https://mercomcapital.com/sc-oscar-acquires-new-zealand-solar-developer-ranui-generation/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a 100% stake in Rānui Generation</strong>, a New Zealand-based solar project developer, through its renewable energy infrastructure fund, SC Renewable Energy Plus Fund 1. The acquisition includes four development-stage solar projects in New Zealand with a total capacity of around 157 MW. The Overseas Investment Office in New Zealand granted consent for the investment by the fund in October 2023. The total investment in the portfolio is approximately $135 million.</p>
<p><strong>Battery Smart, a battery swapping network for electric two- and three-wheelers, has </strong><a href="https://www.mercomindia.com/battery-smart-expand-battery-swapping-network" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $65 million in a Series B funding round</strong> led by LeapFrog Investments. This equity round included both primary and secondary investments and saw participation from new and existing investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.</p>
<p><strong>Battery manufacturer Amara Raja Energy &amp; Mobility has </strong><a href="https://www.mercomindia.com/amara-raja-invests-e20-million-in-inobat-ups-stake-by-4-5" target="_blank" rel="noopener"><strong>invested</strong></a><strong> an additional €20 million (~$21.4 million) in electric vehicle (EV) battery firm InoBat</strong>, Norway, for a 4.5% equity stake. Amara Raja’s stake in the Slovakia-headquartered InoBat now stands at 9.32%. It had earlier invested €10 million in the company to enable it to secure a foothold in the European EV ecosystem. Last September, Chinese battery manufacturer Gotion High-Tech acquired a 25% stake in InoBat.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charger-manufacturer-ekoenergetyka-secures-170-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Doral Renewables Secures $400 Million

<p><a href="https://masdar.ae/" target="_blank" rel="noopener">Masdar</a> (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy project developer, has reached a definitive agreement with Gek Terna SA and other shareholders to acquire an initial 67% stake in European clean energy developer <a href="https://www.terna-energy.com/" target="_blank" rel="noopener">TERNA ENERGY</a>, subject to regulatory approvals and other conditions.</p>
<p>After this transaction, Masdar plans to launch an all-cash mandatory tender offer to acquire the remaining shares with the intention of reaching 100%. This transaction and subsequent offer values Terna Energy&#8217;s total equity at €2.4 billion (~$2.6 billion) and enterprise value at €3.2 billion (~$3.7 billion).</p>
<p>TERNA ENERGY specializes in financing, developing, constructing, and operating renewable energy facilities, focused on wind, solar, hydroelectric, and pumped storage projects. The company has recently announced its growth plan to target a renewable energy operational capacity of 6 GW by 2030.</p>
<p>Through this transaction, Masdar expects Terna Energy to help expand its Portfolio in Europe, targeting 100 GW global capacity by 2030.</p>
<p>&#8220;Today marks a major milestone in Masdar&#8217;s strategy to expand its portfolio to 100GW of clean energy by 2030 and it will make a substantial contribution to the renewable energy capacity of Greece. As one of Europe&#8217;s biggest renewable energy transactions in 2024, this investment reflects the UAE&#8217;s clear commitment to Greece and Europe&#8217;s clean energy development, and it represents another major practical step in realizing one of the central goals of the UAE Consensus to triple global renewable energy capacity by 2030.&#8221; Said HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar.</p>
<p>According to Mercom&#8217;s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, a total of 21 solar M&amp;A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&amp;A deals in Q1 2023.</p>
<p>Early this year, European Energy, a renewable energy project developer, signed an investment <a href="https://cms.mercomindia.com/mitsubishi-hc-capital-to-acquire-20-stake-in-european-energy/" target="_blank" rel="noopener">agreement</a> with Mitsubishi HC Capital. Mitsubishi HC Capital will subscribe to around 72 million ordinary new shares and purchase, in the aggregate, around 3 million ordinary shares from the three major shareholders in European Energy controlled by Knud Erik Andersen, Mikael D. Pedersen, and Jens-Peter Zink.</p>


Masdar to Acquire Clean Energy Developer TERNA ENERGY

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