Abu Dhabi Future Energy Company (Masdar) has signed an agreement to acquire and develop one of Greece’s largest solar projects, strengthening the country's clean energy infrastructure and supporting its ambitions as a European digital hub, while deepening the strategic partnership between the UAE and Greece.

The agreement was announced as the two countries mark over 50 years of diplomatic relations and seek to expand co-operation across energy, artificial intelligence (AI) and advanced technology.

As AI, cloud computing, and digital industries drive rising electricity demand, access to affordable, reliable energy is becoming increasingly important to economic competitiveness. 

Greece's strategic location at the intersection of Europe, Africa, and Asia, alongside growing investment in digital infrastructure, positions it to become an important regional hub for these industries.

The 550+ megawatt (MW) solar photovoltaic (PV) project, being acquired from Lightsource bp, is set to become operational by the end of 2026 and will produce enough electricity to power more than 200,000 homes a year. The project will support meeting electricity demand growth in Greece driven by AI and digital infrastructure.

Separately, Masdar and Khazna Data Centres signed an agreement to advance green data centre development in Greece, combining Khazna’s data centre development and operational capabilities with Masdar’s renewable energy and energy storage expertise. 

The partnership will explore dedicated clean power and storage solutions to support Greece’s growing digital infrastructure needs, creating significant opportunities for investment, economic growth, and energy security.

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said: "The UAE and Greece share a strategic partnership built on trust, long-term ambition and a commitment to mutual prosperity. As artificial intelligence and digital industries transform the global economy, access to reliable, affordable energy will be increasingly critical to competitiveness and growth."

"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. They also reflect the UAE’s commitment to building enduring international partnerships that power the industries of tomorrow and deliver lasting prosperity," he added.

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," he added.

Terna Energy is Masdar’s platform for expansion across Southeastern and Central Europe. 

Masdar also plans to enhance the 550+ MW project with the integration of battery storage. This addition will support grid stability, enabling greater integration of renewables and providing additional flexibility to Greece's power system.-TradeArabia News Service