Terna Energy
Greek renewable-energy company developing, constructing, and operating wind, solar, hydroelectric, waste-management, and biomass-related energy projects.
Last updated August 25, 2026
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Overview
Terna Energy is a Greek renewable-energy company headquartered in Athens. Its activities center on the development, construction, ownership, and operation of electricity-generating assets based on renewable sources. The company is associated primarily with wind farms and small hydroelectric facilities, while its broader project portfolio also includes solar installations and infrastructure for the treatment, management, and energy utilization of waste and biomass. The company was incorporated in 1997 as a subsidiary of Terna. In 1999, Terna merged with GEK, creating GEK Terna, one of Greece's largest business groups. Terna Energy subsequently operated as the group's renewable-energy platform, distinct from other GEK Terna activities such as construction and conventional power generation. Through Heron S.A., another GEK Terna subsidiary, the wider group has also participated in natural-gas-fired thermoelectric generation; Terna Energy itself has been described as producing energy exclusively from renewable sources. Terna Energy's business model spans the full project life cycle. It develops sites and projects, arranges or participates in construction, and retains or operates renewable-generation assets. This integrated approach gives the company exposure not only to electricity production but also to engineering, project development, asset management, and the infrastructure required to connect renewable facilities to energy systems. Its activities have included projects in Greece and other markets, with reference material identifying a broader European and United States operating footprint. Terna Energy became a public company on the Athens Exchange in 2009. It was subsequently included among the 25 companies in the FTSE/ATHEX Large Cap index, reflecting its position among Greece's larger listed companies. Ownership and capital-market developments later became central to the company's corporate history. In 2013, U.S. investment firm York Capital Management acquired a 10% interest in GEK Terna and a further 3% interest in Terna Energy. A major ownership transition was announced in 2024, when Masdar completed the purchase of a 70% stake in Terna Energy for approximately $3.3 billion. The transaction marked the transfer of majority control from the company's former GEK Terna-centered ownership structure to Masdar, an international renewable-energy investor. Terna Energy therefore remains a Greek-origin renewable-energy brand and listed-company subject, while its controlling ownership has shifted to Masdar. Its central market proposition is the delivery of utility-scale renewable generation and related environmental infrastructure rather than the sale of consumer energy products.
History
Terna Energy was incorporated in Greece in 1997 as a subsidiary of Terna. Its creation established a business focused on renewable-energy development within a broader corporate environment that also included construction and infrastructure activities. In 1999, Terna merged with GEK, forming GEK Terna. The merger placed Terna Energy within one of Greece's largest conglomerate structures and provided the company with an institutional setting connected to engineering, construction, infrastructure, and energy businesses. Terna Energy developed as the renewable-energy arm of this wider group. Its generation activities have been based exclusively on renewable sources, in contrast to the conventional power-generation operations associated with other companies in the GEK Terna group. Its principal technologies have included wind farms and small hydroelectric plants. The company has also worked on solar projects and on integrated process units intended to manage waste and recover energy from waste and biomass. This combination positioned it not only as a power producer but also as a developer and constructor of environmental and energy infrastructure. The company entered the public capital market in 2009 through a listing on the Athens Exchange. Its listing gave investors direct exposure to a Greek renewable-energy developer at a time when renewable generation was becoming an increasingly important part of European energy policy and infrastructure investment. Terna Energy was later included in the FTSE/ATHEX Large Cap index, which comprises 25 major companies listed in Athens. The index inclusion reflected the company's significance within Greece's listed corporate market, although the available reference material does not provide a complete account of its historical index weighting or financial performance. Ownership broadened in 2013 when York Capital Management, a U.S. investment firm, acquired a 10% share of GEK Terna and a separate 3% share of Terna Energy. The investment introduced an external institutional shareholder at both the group and renewable-energy-company levels while leaving the company embedded in the GEK Terna structure. The decisive ownership change occurred in 2024. Masdar completed the acquisition of a 70% stake in Terna Energy in November of that year. The reported consideration was approximately $3.3 billion. The transaction transferred majority control to Masdar, an international company focused on renewable energy, while Terna Energy continued to represent a Greek-origin renewable-energy operating platform. The change is significant because it connects Terna Energy's established development and operating capabilities with Masdar's international renewable-energy investment strategy. Today, Terna Energy's identity is defined by utility-scale renewable generation and associated infrastructure. Its activities cover the development, construction, and operation of wind, solar, and small hydroelectric projects, together with waste and biomass energy-utilization systems. The company is listed in Athens and has been associated with projects in Greece and other markets, including Europe and the United States. Publicly available material supplied for this dossier does not establish a complete current project-by-project asset list, management roster, financial history, or detailed post-acquisition governance structure; those fields are therefore left limited where verification is unavailable.
- 2024
Masdar acquires majority control
[1]Masdar completes the purchase of a 70% stake in Terna Energy.
- 2013
York Capital Management invests
[1]York Capital Management acquires interests in both GEK Terna and Terna Energy.
- 2009
Athens Exchange listing
[1]Terna Energy becomes listed on the Athens Exchange.
- 1999
Terna merges with GEK
[1]Terna merges with GEK, creating GEK Terna and placing Terna Energy within the resulting Greek conglomerate.
- 1997
Terna Energy is incorporated
[1]Terna Energy is established in Greece as a subsidiary of Terna.
Products and positioning
An integrated renewable-energy developer and operator with a Greek base, combining project development, construction, asset ownership, and operation across wind, solar, hydroelectric, waste, and biomass-related infrastructure.
Wind power
Wind farms
Wind farms are a core part of Terna Energy's renewable-generation portfolio. The company develops, constructs, and operates wind-power facilities, turning wind resources into utility-scale electricity. Its role can extend across site development, project execution, ownership, and operational management rather than being limited to equipment supply.
Solar power
Solar power projects
Terna Energy also develops solar-energy projects as part of its broader renewable-generation activities. These projects complement wind and hydroelectric assets by adding another source of renewable electricity. The supplied reference material does not identify a single consumer-facing solar product or a complete list of solar facilities.
Hydroelectric power
Small hydroelectric plants
Small hydroelectric plants form another established technology area for the company. These facilities generate electricity from flowing or stored water at a smaller scale than major dam-based systems. Terna Energy's hydroelectric activity fits its strategy of operating a diversified portfolio of renewable-generation assets.
Waste-to-energy and biomass infrastructure
Waste and biomass energy-utilization units
The company constructs integrated process units for the management of waste and the recovery or utilization of energy from waste and biomass. These projects extend Terna Energy beyond conventional electricity generation into environmental infrastructure and resource-recovery systems.
Brand decisions
2024
Transfer of majority ownership to MasdarM&ABackground
Terna Energy had operated within the GEK Terna group for much of its corporate history and was listed on the Athens Exchange. Masdar pursued a controlling investment in the Greek renewable-energy company.
Action taken
Masdar completed the purchase of a 70% stake in Terna Energy in November 2024.
Aftermath
Masdar became the majority owner, linking Terna Energy's Greek renewable-energy platform with Masdar's international renewable-energy portfolio. The supplied sources do not specify all governance, management, or minority-shareholder consequences.
Reported transaction value. $3.3 billion (2024)
Recent events
- 2024
Masdar completes acquisition of a 70% stake in Terna Energy[1]
M&A
Masdar completed the purchase of a 70% controlling stake in Terna Energy. Reference material reported the transaction value as approximately $3.3 billion.
- 2013
York Capital Management takes interests in GEK Terna and Terna Energy[1]
M&A
York Capital Management acquired a 10% stake in parent company GEK Terna and an additional 3% stake in Terna Energy.
- 2009
Terna Energy becomes listed on the Athens Exchange[1]
Other
Terna Energy was listed on the Athens Exchange, establishing its status as a publicly traded Greek renewable-energy company.
Sources3 sources
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