UAE-based future energy company Masdar has agreed to acquire and develop a solar photovoltaic (PV) project in Greece with capacity exceeding 550MW from Lightsource bp.
The project is scheduled to enter operations by the end of 2026.
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Once completed, it is expected to generate enough power to supply more than 200,000 homes each year.
The deal forms part of Masdar’s broader strategy to expand its footprint in Greece and southeastern Europe.
The agreement was unveiled as the UAE and Greece seek to deepen cooperation after more than 50 years of diplomatic relations.
The two countries aim to expand collaboration in energy, AI and advanced technology.
Masdar said developments in AI, cloud computing, and other digital industries are driving the growing demand for electricity in Greece.
The company believes Greece’s geographic position, at the crossroads of Europe, Africa, and Asia, along with its investment in digital infrastructure, supports its emergence as a digital hub in the region.
Plans for the solar project include integrating battery storage to support grid stability and enable higher levels of renewable energy integration.
Masdar CEO Mohamed Jameel Al Ramahi 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.”
The deal also covers two privately owned substations that connect the facility to the electricity transmission network.
The transaction is contingent upon regulatory approval and is expected to close by the end of 2026.
The acquisition is Masdar’s first strategic investment made through TERNA ENERGY, its platform for expansion across Southeastern and Central Europe.
Masdar completed the acquisition of TERNA ENERGY in April 2025, after initially purchasing a 70% stake in November 2024.
In addition, Masdar and Khazna Data Centers have reached an agreement to explore green data centre development in Greece, combining renewable energy and storage solutions to meet demands arising from increased digital infrastructure.
Globally, Masdar has built a renewable energy portfolio exceeding 65GW and is pursuing a target of 100GW by 2030.
