GEK Terna Group has available funds for investments amounting to about 3 billion euros, following the agreement to sell its subsidiary Terna Energy to Masdar, based on its total valuation of 2.4 billion euros.
The sale of 36.6% of Terna Energy brings to GEK Terna additional liquidity of 900 million (including the dividend for the year 2023).
The estimate of the Group’s executives for the 3 billion euros takes into account the existing cash reserves of the parent company, the expected dividends from all the projects that are or will be put into operation in the next few years (about 10 billion) and the already secured additional leverage.
During the annual general meeting of Terna Energy, the president and CEO of the Group, George Peristeris, noted, among other things, that this is the largest energy deal ever made on the Athens Stock Exchange, and also the largest acquisition of Masdar internationally, estimating the enterprise value of the company at 3.2 billion euros. He also added that “the agreement is a vote of confidence not only in GEK Terna Group but also in our country and its prospects.”
Based on the same estimates included in a related presentation, GEK Terna is shielded with additional equity capital of over 2 billion euros exclusively for claiming new major infrastructure projects and concessions in Greece and abroad, since for all the major projects it has won through international tenders (Attiki Odos, Egnatia Odos, new international airport of Heraklion (Crete), etc.) both the financing lines and the participation itself have been secured, before the agreement with Masdar.
In addition, it acquires a more attractive financial profile, since approximately 1.1 billion euros, which were related to financing lines of Terna Energy’s strong investment plan, are now deducted from its total borrowing.
