UAE renewable energy company Masdar has signed an agreement to acquire and develop a 550MW solar PV project in Greece, which will be one of the country’s largest solar projects.
Masdar has signed an agreement to acquire the project from Lightsource bp and the facility is slated to be operational by the end of 2026. Masdar also plans to enhance the project with the integration of a battery energy storage system (BESS), but did not provide further details on the co-located BESS component.
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The deal was announced by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi, during a visit to Greece. The visit was designed to promote the two countries’ cooperation in energy and technology.
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said: “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.”
The project is Masdar’s first strategic investment made through Terna Energy since it took a majority stake in the company in 2024 after a US$3.21 billion (€2.87 billion) deal. Masdar increased its share to full 100% ownership last year.
Masdar has made several investments in the Eastern Mediterranean region recently, using Terna Energy as its vehicle for expansion across south-eastern and central Europe. In Montenegro earlier this year, it entered into a joint development agreement for two solar PV projects, the 115MW Štedim project and the 35MW Krupac solar PV project, with Montenegro’s national power utility, Elektroprivreda Crne Gore.
Masdar signs data centre MoU
While Masdar has not announced how it plans to use the electricity generated at its new project, its project announcement was accompanied by a statement that it has signed a memorandum of understanding (MoU) with UAE-based data centre development company, Khazna Data Centers, to advance green data centre development in Greece.
In February, the International Energy Agency (IEA) called the present day a “new era” for data centre electricity demand. The Greek government hopes its geographical position, between Europe, Africa and Asia, means it could become an important regional hub for energy and technology. In 2023, prime minister Kyriakos Mitsotakis said that the country had seen a “small revolution” in its data centre deployment and technology giants like Microsoft have invested in data centres in the country.
