Masdar acquires Greece’s 550+ MW solar project to boost energy supply

Abu Dhabi Future Energy Company PJSC – Masdar has signed an agreement to acquire and develop one of Greece’s largest solar projects, strengthening the country’s clean energy infrastructure and supporting its ambitions as a European digital hub, while deepening the strategic partnership between the UAE and Greece.

The agreement was announced as the two countries mark over 50 years of diplomatic relations and seek to expand cooperation across energy, artificial intelligence (AI) and advanced technology.

As AI, cloud computing, and digital industries drive rising electricity demand, access to affordable, reliable energy is becoming increasingly important to economic competitiveness. Greece’s strategic location at the intersection of Europe, Africa, and Asia, alongside growing investment in digital infrastructure, positions it to become an important regional hub for these industries.

The 550+ megawatt (MW) solar photovoltaic (PV) project, being acquired from Lightsource bp, is set to become operational by the end of 2026 and will produce enough electricity to power more than 200,000 homes a year. The project will support meeting electricity demand growth in Greece driven by AI and digital infrastructure.

Separately, Masdar and Khazna Data Centers signed an agreement to advance green data centre development in Greece, combining Khazna’s data centre development and operational capabilities with Masdar’s renewable energy and energy storage expertise. The partnership will explore dedicated clean power and storage solutions to support Greece’s growing digital infrastructure needs, creating significant opportunities for investment, economic growth, and energy security.

His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said: “The UAE and Greece share a strategic partnership built on trust, long-term ambition and a commitment to mutual prosperity. As artificial intelligence and digital industries transform the global economy, access to reliable, affordable energy will be increasingly critical to competitiveness and growth. Masdar’s expanding renewable energy portfolio, alongside its new collaboration with Khazna, brings together two essential foundations of the future economy: clean power and digital infrastructure. Together, these initiatives will strengthen Greece’s energy security, support its ambition to become a regional digital hub and unlock new opportunities for investment and economic growth. They also reflect the UAE’s commitment to building enduring international partnerships that power the industries of tomorrow and deliver lasting prosperity.”

Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: “These agreements represent another important milestone in our European growth strategy, expanding our portfolio with a high-quality solar asset that we will develop further with battery storage, and will deliver stable, long-term returns. Our collaboration with Khazna builds on this foundation, exploring opportunities to power Greece’s growing digital economy with clean energy. Through TERNA ENERGY, we are building a stronger renewable energy platform in Greece and the wider region, while creating long-term value for our shareholders, partners and the communities we serve.”

Masdar also plans to enhance the 550+ MW project with the integration of battery storage. This addition will support grid stability, enabling greater integration of renewables and providing additional flexibility to Greece’s power system. The transaction will also include two privately owned substations connecting the project to the electricity transmission system.

The acquisition marks Masdar’s first strategic investment made through TERNA ENERGY and represents a significant step in building Masdar’s presence in southeastern Europe. The solar project will complement TERNA ENERGY’s existing portfolio, enhance operational and commercial synergies, and strengthen Masdar’s position in one of Europe’s fastest-growing renewable energy markets.

TERNA ENERGY is Masdar’s platform for expansion across Southeastern and Central Europe. Masdar completed its 100 per cent acquisition of the company in April 2025, following an initial 70 per cent acquisition in November 2024 that valued the company at €3.2 billion, marking the largest energy transaction at that time on the Athens Stock Exchange. Masdar is leveraging TERNA ENERGY’s strong track record to become one of the largest renewables developers in the region, targeting 6 gigawatts (GW) of operational capacity by 2030, backed by a €5.5 billion investment plan.

As the adoption of AI and other advanced technologies accelerates, demand for reliable, affordable renewable energy is rising to meet the needs of the digital economy while supporting clean energy objectives. Masdar is currently developing the world’s first gigascale round-the-clock renewable energy project in Abu Dhabi, transforming renewable energy into a true, dispatchable resource that can deliver baseload power.

Masdar has built one of the world’s fastest-growing renewable energy portfolios, with more than 65GW of capacity across established and high-growth renewable energy markets, spanning technologies including solar, onshore wind, offshore wind, battery storage and hybrid solutions. With a clear pathway to 100GW of energy capacity by 2030, Masdar continues to expand through disciplined investment in strategic markets, delivering reliable, affordable clean power to meet rapidly growing electricity demand while supporting energy security and economic growth.

The acquisition transaction remains subject to regulatory approval and customary closing conditions and is expected to be completed by the end of this year.