Masdar has finalized an agreement to take over and develop Greece’s largest solar energy initiative, reinforcing the nation’s renewable infrastructure while advancing its vision as a leading European digital center. The deal, which involves acquiring a 550+ megawatt (MW) solar photovoltaic (PV) facility from Lightsource bp, aims for full operation by late 2026 and will generate enough electricity to supply over 200,000 households annually.
The partnership was revealed as the UAE and Greece celebrated more than 50 years of diplomatic ties, paving the way for deeper collaboration in energy, artificial intelligence (AI), and cutting-edge technologies. With AI, cloud computing, and digital sectors driving electricity consumption upward, securing affordable and dependable power has become essential for maintaining economic competitiveness. Greece’s geographic position—straddling Europe, Africa, and Asia—combined with its expanding digital infrastructure, positions it as a key hub for these emerging industries.
In a separate move, Masdar partnered with Khazna Data Centers to advance sustainable data center projects in Greece. The alliance will investigate specialized clean energy and storage systems to meet the country’s growing demand for digital infrastructure. By merging Khazna’s expertise in data center development with Masdar’s renewable energy and storage capabilities, the collaboration aims to create tailored solutions for Greece’s evolving energy needs.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, stated that these initiatives show the UAE’s dedication to supporting lasting international partnerships. He described the solar project and Khazna collaboration as combining two critical pillars of the future economy: clean energy and digital infrastructure. The agreements are designed to enhance Greece’s energy resilience while opening new investment avenues and economic opportunities.
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Masdar completed its 100 per cent acquisition of TERNA ENERGY 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.
TERNA ENERGY’s existing portfolio will be complemented by the 550+ MW solar project, enhancing operational and commercial synergies and strengthening Masdar’s position in one of Europe’s fastest-growing renewable energy markets.
Masdar will also integrate battery storage into the 550+ MW project to improve grid stability, facilitating greater renewable integration and offering flexibility to Greece’s power network. The transaction includes two privately owned substations to connect the facility to the national electricity grid.
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. 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.