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Masdar has signed an agreement to acquire and develop one of Greece’s largest solar photovoltaic projects with a capacity exceeding 550 megawatts, the company said in a statement. The project, purchased from Lightsource bp, is scheduled to begin operations by the end of 2026 and will generate enough electricity to supply more than 200,000 homes per year. This marks the first strategic investment by Masdar through its fully owned Terna Energy platform in southeastern Europe.
The acquisition includes plans to integrate battery storage systems into the solar facility, according to the Masdar statement. Such additions are intended to bolster grid stability and enable higher levels of renewable energy integration within Greece’s electricity network. The transaction further encompasses two privately owned substations linking the development directly to the national transmission system.
Masdar completed its full ownership of Terna Energy in April 2025 after securing an initial 70 percent stake in November 2024 at a valuation of 3.2 billion euros for the company, Reuters reported. That prior purchase represented the largest energy transaction on the Athens Stock Exchange at the time. The Greek renewables developer operates projects in Greece as well as in Bulgaria and Poland.
The announcement was made during an official visit to Greece by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Masdar’s statement indicated. It forms part of increasing UAE investment in the country, which aims to position itself as a European digital hub at the crossroads of Europe, Africa and Asia. Masdar separately entered a memorandum of understanding with Khazna Data Centers to advance green data center projects that align with rising demand for digital infrastructure.
Masdar is targeting a global renewable energy portfolio of 100 gigawatts by 2030 from approximately 51 gigawatts now in development, according to earlier company disclosures. Rising electricity needs across Europe, fueled by economic expansion, electrification and digital sector growth, have elevated the role of such utility-scale clean power initiatives. Greece’s National Energy and Climate Plan stands to benefit from the added capacity.
The solar acquisition deepens energy cooperation between the UAE and Greece, the Abu Dhabi-based developer noted in its release. Terna Energy’s existing portfolio and pipeline will see accelerated development under Masdar ownership. The combined solar and storage approach is expected to deliver both reliable power and system flexibility.
