The United Arab Emirates’ renewable energy company Masdar has announced the complete acquisition of Greece’s Terna Energy, marking a significant move in its strategy for international expansion. This follows Masdar’s purchase of a majority stake in Terna last year, as the company aims to grow in European markets amid challenges such as high interest rates and increasing debt costs.

Masdar had acquired 70% of Terna Energy in November for 20 euros per share, with the total deal valued at 3.2 billion euros ($3.52 billion). As a result, Terna was valued at approximately 2.4 billion euros ($2.63 billion). The remaining shares were subsequently purchased at the same price through a mandatory tender offer, according to a statement from Masdar.

Masdar’s CEO, Mohamed Jameel Al Ramahi, emphasized that the acquisition of Terna demonstrates the company’s dedication to energy transformation efforts in Greece and across Europe. In addition to its European endeavors, Masdar is also planning expansion into Asia and the United States, with a target to increase its renewable energy capacity to 100 gigawatts by 2030, up from the current capacity of about 51 gigawatts, which is in various stages of development.

Masdar is based in Abu Dhabi and is controlled by several entities, including the power and water firm TAQA, state oil giant ADNOC, and the sovereign wealth fund Mubadala Investment Company. Additionally, it was reported last month that Masdar is in the early stages of considering an initial public offering.