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The acquisition was announced during an official visit to Greece by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. Masdar signed the agreement to acquire and develop the solar photovoltaic project from Lightsource bp, according to a statement from the Abu Dhabi Media Office. The deal deepens the strategic energy partnership between the UAE and Greece while advancing the latter’s clean energy infrastructure.
The 550-megawatt facility is scheduled to begin operations by the end of 2026 and will produce sufficient electricity to power more than 200,000 homes each year, the company said in the announcement. Masdar plans to incorporate battery storage to improve system flexibility and resilience. This addition comes as electricity demand grows across Europe due to economic expansion, electrification and digital infrastructure needs.
Masdar’s Greek business maintains a portfolio of roughly 2.5 gigawatts spanning more than 100 projects in operation and under construction, a company update released on social media showed. The firm uses Greece as a base for expansion across Eastern Europe. It targets 6 gigawatts of operational capacity in the region by 2030 through a €5.5 billion investment plan.
The latest move follows Masdar’s full acquisition of Terna Energy, completed in April 2025 after an initial 70 percent stake secured in November 2024 that valued the company at €3.2 billion and represented the largest energy transaction on the Athens Stock Exchange at the time. Terna Energy’s development expertise supports Masdar’s regional growth objectives. Energypress reported that the Abu Dhabi developer continues to evaluate further acquisitions in Greece and the Balkans using Terna Energy as its main platform.
Masdar aims to scale its global renewable capacity to 100 gigawatts by 2030 from the current 65 gigawatts, backed by $30 billion to $35 billion in investments, according to its strategic assessments. The Greece project aligns with this trajectory by addressing rising demand linked to artificial intelligence and data centers. Greece’s position at the crossroads of Europe, Africa and Asia enhances its potential as a hub for such industries.
The announcement highlighted how the integration of renewable generation with storage technologies will deliver affordable, reliable clean power. This strategy seeks to bolster energy security and contribute to economic growth in the region. Masdar stated that such initiatives will play a larger role as power needs increase across the continent.
