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Masdar announced on October 24, 2026, during the official visit to Greece by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, that it had signed an agreement to acquire and develop one of Greece’s largest solar projects from Lightsource bp.[[2]](https://www.mediaoffice.abudhabi/en/energy/masdar-expands-portfolio-in-greece-with-major-solar-project-acquisition/) The 550-megawatt solar photovoltaic project is set to become operational by the end of 2026 and will produce enough electricity to power more than 200,000 homes a year. This first strategic investment through TERNA ENERGY strengthens the clean energy infrastructure and supports Greece’s ambitions as a European digital hub.
The company plans to enhance the project with battery storage to support grid stability and provide greater flexibility to the power system while the transaction includes two privately owned substations. Masdar has also signed a memorandum of understanding with Khazna Data Centers to advance green data center development in Greece. The initiatives deepen the strategic partnership between the UAE and Greece as electricity demand rises across Europe driven by economic growth, electrification and expanding digital infrastructure.
Mohamed Jameel Al Ramahi, Chief Executive Officer, 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. 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.”
Independent Power Transmission Operator data places Greece’s renewable capacity excluding large hydro near 20 gigawatts by year end with substantial additions in solar this year.[[1]](https://balkangreenenergynews.com/greece-nearing-20-gw-of-renewables/) The project aligns with proposals requiring new data centers to source 60 percent of electricity from renewables. Greece aims for 4 gigawatts of battery storage by 2028 according to the Ministry of Environment and Energy.
Masdar completed its full acquisition of TERNA ENERGY in April 2025 after the initial purchase of 70 percent in November 2024 at a €3.2 billion valuation, the largest such transaction on the Athens Stock Exchange then. The Greek firm serves as the platform for Masdar’s growth in southeastern Europe. Chief Executive of TERNA ENERGY Aristotelis Chantavas has described the Masdar investment as a unique opportunity for renewable energy expansion in the region.
The development occurs as Masdar continues to expand its global portfolio with projects that address both energy security and digital transformation demands. The UAE-based developer established in 2006 has seen its clean power generation increase 38 percent in 2025 according to its sustainability report. Greece’s location and investment in digital infrastructure position it as a key hub for such integrated renewable and data center developments.
