Masdar (Abu Dhabi-based renewable energy company) has signed an agreement to acquire and develop a solar photovoltaic project with a capacity exceeding 550 MW in Greece. The project is expected to strengthen the country’s clean energy infrastructure, meet growing electricity demand from digital industries and enhance renewable energy cooperation between the United Arab Emirates (UAE) and Greece. The development also includes plans to integrate battery energy storage to support greater flexibility in renewable power utilisation.
The agreement was announced during the official visit to Greece by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. The announcement comes as the two countries mark more than 50 years of diplomatic relations and seek to expand cooperation in energy, artificial intelligence (AI) and advanced technologies.
The solar project is being acquired from Lightsource bp and is expected to become operational by the end of 2026. Once operational, it is projected to generate enough electricity to power more than 200,000 homes annually. The acquisition represents Masdar’s first strategic investment in Greece since its acquisition of TERNA ENERGY and is expected to strengthen its renewable energy portfolio in southeastern Europe.
Masdar also plans to integrate battery energy storage systems into the project to improve grid stability and support the integration of renewable electricity into Greece’s power system. The transaction will include two privately owned substations connecting the project to the electricity transmission network. Battery storage is expected to provide additional flexibility as Greece expands its renewable energy capacity.
Separately, Masdar and Khazna Data Centers have signed a memorandum of understanding (MoU) to explore opportunities for developing green data centers in Greece. The collaboration will combine Khazna’s data center development and operational expertise with Masdar’s capabilities in renewable energy and energy storage. The companies will explore dedicated clean power and storage solutions to meet the growing electricity requirements of digital infrastructure.
The partnership comes as increasing demand from AI, cloud computing and other digital services raises the importance of reliable and affordable electricity. Greece’s location between Europe, Africa and Asia, alongside investments in digital infrastructure, could support its ambitions to become a regional technology hub.
Masdar completed its 100% acquisition of TERNA ENERGY in April 2025, following an initial 70% stake purchase in November 2024 that valued the company at €3.2 billion. TERNA ENERGY serves as Masdar’s expansion platform across southeastern and central Europe. The company is targeting 6 gigawatts (GW) of operational capacity by 2030, supported by a €5.5 billion investment plan.
Masdar currently has more than 65 GW of renewable energy capacity across its global portfolio and aims to reach 100 GW by 2030. The company is expanding across solar, wind, battery storage and hybrid energy projects to meet rising electricity demand.
The acquisition of the solar energy assets in Greece remains subject to the necessary regulatory approvals and the fulfilment of customary closing conditions. The transaction is expected to be completed by the end of 2026, provided all required approvals are secured and the remaining procedural requirements are met.
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