Masdar has successfully completed the acquisition of 70% of the outstanding shares of TERNA ENERGY to become majority shareholder of the Greek clean energy championFollowing the closing of the transaction, Masdar will seek regulatory approvals for launch of an all-cash mandatory tender offer to acquire all the remaining shares Masdar will bring long-term capital and global expertise to supercharge TERNA ENERGY’s growth plans as it targets 6GW of renewable energy operational capacity by 2029, supporting the energy transition in Greece and Eastern EuropeThe acquisition will play an important role in growing Masdar’s portfolio in Europe as it targets 100GW global capacity by 2030

ABU DHABI, UAE and ATHENS, Greece , Nov. 28, 2024 /PRNewswire/ — Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), the UAE’s clean energy leader, announced today that it has successfully completed the acquisition of 70% of the outstanding shares of TERNA ENERGY SA (TENERGY.AT) from GEK TERNA SA (GEKTERNA.AT) and other shareholders, and received all regulatory approvals. The deal, agreed at a price of 20 euros per share, valued TERNA ENERGY at an enterprise value of 3.2bn euros, representing the largest ever energy transaction on the Athens Stock Exchange, and one of the largest in the EU renewables industry.

Following the closing of the transaction, Masdar will seek regulatory approvals from the Hellenic Capital Markets Commission (HCNC), for the launch of an all-cash mandatory tender offer (“MTO”) to acquire the outstanding shares of TERNA ENERGY.

TERNA ENERGY has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio in Greece, as well as projects in Bulgaria and Poland. The company owns and operates clean energy projects across wind, solar, biomass and hydro technologies – Greece’s renewable energy leader is also building one of the largest pumped hydro projects in Europe, the 680MW Amfilochia project. With TERNA ENERGY currently operating a capacity of 1.2 gigawatts (GW), the acquisition reflects Masdar’s confidence in the company’s impressive growth potential, targeting  6GW by 2029. TERNA ENERGY will play an important role in enhancing Masdar’s portfolio across Europe as it targets 100GW global capacity by 2030 in support of the energy transition.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, commented: “Masdar is proud to become the majority shareholder of TERNA ENERGY, bringing together two energy champions. Our committed vision and long-term capital will unlock significant opportunities for further growth in TERNA ENERGY’s expansion as it executes on its strategy to support Greece’s renewable energy goals.

“Masdar’s acquisition strategy has focused on acquiring not just assets, but investing in exceptional teams. Our ambition is to establish TERNA ENERGY as one of our core regional platforms that will help us deliver on our ambitious targets. I look forward to working  with Executive Chairman, Georgios Peristeris, and Chief Executive Officer, Emmanuel Maragoudakis, in support of the energy transition in Greece and Europe.”

Georgios Peristeris, Chairman and CEO of GEK TERNA, and Executive Chairman of TERNA ENERGY, said: “Our agreement with Masdar is a reflection of TERNA ENERGY’s unparalleled leading role in the green energy transition in Greece as well as in southeastern Europe, a result of our consistent and tireless efforts over the last 25 years to create the largest and fastest growing clean energy platform in our country. Sharing the same vision with Masdar for clean, affordable and domestically produced energy, we look forward to working together towards a future of endless growth possibilities for TERNA ENERGY”. 

Masdar has retained Rothschild & Co. as sole financial advisor, and Simmons & Simmons, Bernitsas Law, Latham & Watkins as legal advisors, in connection with the transaction and financing.

GEK TERNA Group was supported by Reed Smith LLP and Potamitis Vekris, who were the international and Greek legal advisors for the transaction respectively, while Morgan Stanley has been acting as sole financial advisor to TERNA ENERGY.

For more information please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

About Masdar

Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 31.5 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

About TERNA ENERGY

TERNA ENERGY, has been a key player in the renewable energy sector for over two decades, holding the largest and most diversified portfolio of projects in Greece, with 2,500 MW in operation, under construction and ready for construction. TERNA ENERGY’s installed capacity currently stands at 1,224 MW, while TERNA ENERGY is continuing seamlessly with its investment plan, aiming to approach a total installed capacity of 6 GW by 2029. TERNA ENERGY (www.terna-energy.com) is listed on the Athens Stock Exchange.

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TORONTO, Nov. 28, 2024 /CNW/ – Small businesses do not support the proposed two-month GST/HST holiday, according to a flash survey conducted by the Canadian Federation of Independent Business. Small firms have major concerns and questions over the timing, process and administrative costs associated with the change.  Over 3,500 small firms responded to this survey conducted on November 26-27, 2024.

“A majority of small firms oppose the planned GST/HST holiday – and this rises to 62% among those required to implement it,” said Dan Kelly, CFIB president. “Only 4% of small business owners believe they will have stronger sales as a result, with 66% of respondents suggesting it will simply shift sales into the tax holiday period.”

Small firms in the sectors that will be required to make changes to accommodate the temporary tax holiday report many concerns:

75% say it will be costly and complicated to implement the holiday – small firms report a median of $1000 in additional costs to reprogram their point-of-sale systems to remove and then reinstate the tax65% say there is not enough time to implement the change71% say big businesses and online giants will have the upper hand in benefitting from the holiday68% say it will be difficult to determine which items are temporarily tax-exempt66% of retailers of goods subject to the holiday report consumers will delay purchases and 54% believe consumers will return products to repurchase during the holiday period

“This legislation was introduced just yesterday – right in the middle of the busiest retail week of the year with Black Friday, Small Business Saturday and Cyber Monday,” Kelly said. “Small firms – particularly those in retail – do not have the time or resources to effectively make the changes to accommodate this temporary change and very few believe there will be any net benefit.”

It is also important to note that this GST/HST holiday does not just affect retailers and restaurants. Manufacturers, producers and distributors who sell exempted items to other businesses will also need to change processes to exempt the sales taxes during the two-month period. Many are unaware of this requirement.

“Instead of a complicated, temporary tax holiday, small businesses would far rather government focus on permanent tax changes, such as cancelling the 19% increase in the carbon tax planned for April 1,” Kelly added. “But if government proceeds with this plan, CFIB is calling on the Department of Finance to give affected small firms a credit of a minimum of $1000 in their GST/HST accounts to cover the administrative and programming costs.” 

Further, CFIB is calling on the government to order the Canada Revenue Agency to forgive the taxes owed, penalties and interests for any good faith errors made by small firms rushing to implement this change.

Methodology 

Preliminary results for the Flash Survey: Impact of Canada Post strike and GST/HST exemption. The online survey is active since November 26, 2024, number of respondents = 3,591. For comparison purposes, a probability sample with the same number of respondents would have a margin of error of at most +/- 1.6%, 19 times out of 20. 

About CFIB

The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.

SOURCE Canadian Federation of Independent Business

STOCKHOLM, Nov. 28, 2024 /PRNewswire/ —

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Europi Property Group AB (publ) (“Europi” or the “Company”) has successfully issued senior unsecured green bonds of EUR 50m under a framework of up to EUR 100m and a tenor of three years (the “Green Bonds”). The Green Bonds have a floating interest of 3M Euribor plus 500 basis points per annum. Europi intends to list the Green Bonds on the sustainable bond list of Nasdaq Stockholm within 12 months and Nasdaq Transfer Market within 60 days, with an ambition to have the Green Bonds admitted to trading within 30 days.

An amount corresponding to the net proceeds from the Green Bonds will be used in accordance with the Company’s green finance framework (the “Green Finance Framework”).

Skandinaviska Enskilda Banken AB (publ) and ABG Sundal Collier AB have acted as advisors in relation to the issue of the Green Bonds. Vinge has acted as legal counsel in relation to the issue of the Green Bonds.

More information regarding the Green Finance Framework and Sustainalytics’ second party opinion can be found at https://europi.se/bond-investors/

For further information, please contact: 
Jonathan Willén, CEO, info@europi.se
+46 (0) 8 411 55 77

About Europi (www.europi.se)
Europi Property Group, founded in 2019, is a pan-European real estate investment company headquartered in Stockholm (with an office also in London) investing discretionary capital across all sectors with a flexible investment strategy. Europi has since inception completed public and private transactions of more than €700m in gross asset value alongside its established network of local operating partners and completed four successful exists. By combining a truly entrepreneurial, active ownership approach with focus on social and environmental sustainability, Europi generates long term value and positive impact for all stakeholders.

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