Abu Dhabi’s state-backed green energy group Masdar is on the hunt for more European acquisitions after buying Greece’s biggest renewables company last week, as financial strains in the sector drive down valuations and create room for deals.
Mohamed Jameel Al Ramahi, chief executive, told the Financial Times the deal for Terna Energy at a €3.2bn valuation was just the start of a further expansion into central and eastern Europe.
“The reality is we are not just acquiring this platform and portfolio,” he said. “We are going to be pumping more capital into Greece and into Europe.”
“This is a strategic deal for us where we reinforce our presence in Greece but, more importantly, in eastern Europe,” he added, citing the company’s presence in Serbia, Montenegro and Poland, as well as its “strong pipeline” in the region.
After a decade of rapid growth, the renewables industry has come under pressure from higher interest rates, particularly in Europe where several companies have scaled back or cancelled plans.
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