Masdar, UAE’s state-owned renewable energy and green hydrogen company based in Abu Dhabi, 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 during the official visit to Greece by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, as the two countries mark over 50 years of diplomatic relations and seek to expand cooperation across energy, artificial intelligence (AI) and advanced technology.
In a press release, Masdar said that the solar photovoltaic (PV) project with over 550 MW, was being acquired from Lightsource bp, and is set to become operational by the end of 2026. The project will support meeting electricity demand growth in Greece driven by AI and digital infrastructure. Masdar also plans to enhance the project with the integration of battery storage. This addition aims to support grid stability, enabling greater integration of renewables and offering 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 transaction remains subject to regulatory approval and customary closing conditions and is expected to be completed by the end of this year. It 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.
Separately, Masdar and Khazna Data Centers signed a Memorandum of Understanding (MoU) to advance green data center development in Greece, combining Khazna’s data center 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.
“As artificial intelligence and digital industries transform the global economy, access to reliable, affordable energy will be increasingly critical to competitiveness and growth,” said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar. “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.”
Mohd. Jameel Al Ramahi, CEO, 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.” He further said, “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 is currently developing a gigascale round-the-clock renewable energy project in Abu Dhabi, and has built more than 65 GW of capacity across established and high-growth renewable energy markets, spanning technologies including solar, onshore wind, offshore wind, battery storage and hybrid solutions. It aims to build as much as 100 GW of energy capacity by 2030.