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    First Sentier looking to buy into Greece's Terna Energy - report


    October 4, 2022 - SeeNews Renewables

     

      October 4 (Renewables Now) - Australian investment group First Sentier is willing to acquire a majority stake in Greek renewable power producer Terna Energy (ATH:TENERGY), local daily Kathimerini reports.

      According to the report, the parties have been holding talks over a potential deal for the past three or four months. The negotiations are expected to be finalised by November.

      Analysts have estimated that First Sentier is likely to offer more than EUR 22 (USD 21.6) for each of its target’s shares. If confirmed, the price could value Terna Energy at over EUR 2.5 billion.

      Australia’s Macquarie Group was allegedly also eager to become a shareholder in the Greek company, while the offered price was not acceptable so as to start negotiations.

      Terna Energy is 37% owned by Greek conglomerate GEK Terna. The renewable energy company had 895 MW of installed wind, solar, hydropower and battery storage capacity, as well as 1,234 MW of projects under construction at the end of June 2022. According to its latest financial report, its first-half adjusted net profit gained 54.5% in annual term to EUR 44.5 million, driven by a 98.2% boost in revenues.

      (EUR 1.0 = USD 0.982)

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