The recent announcement of a significant solar energy project in Greece marks a milestone in the diplomatic relations between Greece and the UAE, coinciding with over 50 years of diplomatic ties. This collaboration not only aims to broaden bilateral cooperation in advanced technologies, artificial intelligence, and energy but also underscores Greece’s emerging role as a regional energy hub due to its strategic geographical position at the crossroads of Europe, Africa, and Asia.
Solar Energy Initiative
A photovoltaic solar energy project, which will exceed 550 megawatts in capacity and is owned by “Masdar” through the company “Lightsource BP,” is set to commence operations by the end of 2026. The initiative promises to generate electricity for over 200,000 homes annually, fulfilling the rising electricity demand in Greece as applications of artificial intelligence and digital infrastructure expand.
Green Data Centre Development
In a complementary move, Masdar and Khazna Data Centers have signed a memorandum of understanding aimed at fostering the development of green data centres in Greece. This partnership will leverage Khazna’s expertise in data centre construction and operation alongside Masdar’s knowledge in renewable energy and energy storage.
The two entities will explore opportunities to develop solutions for clean energy and storage to support Greece’s burgeoning digital infrastructure, paving the way for substantial investment that promotes economic growth and enhances energy security.
Statements from Leadership
Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, emphasised the significance of this agreement in the context of enhancing international collaboration and promoting renewable energy solutions globally. He stated, “This agreement consolidates the bilateral relations between the UAE and Greece, built on mutual trust and a shared commitment to progress and prosperity.” He acknowledged that the advancements in artificial intelligence and digital industries necessitate reliable and cost-effective energy supplies as a critical factor for competitiveness and growth.
Mohammed Jameel Al Ramahi, CEO of Masdar, noted that these agreements play a vital role in strengthening Masdar’s growth strategy in Europe. He affirmed, “By enhancing our project portfolio with a significant solar asset and integrating battery storage systems, we aim to ensure stable long-term returns.” He pointed out that the collaboration with Khazna is a natural extension of these efforts, focusing on meeting the clean energy needs of Greece’s growing digital economy.
Strengthening Renewable Energy in Greece
As part of the initiative, Masdar plans to add a battery storage system to the solar project, contributing to the stability of the electricity grid and enabling the integration of more renewable energy sources, thereby improving the resilience of Greece’s energy system. The deal also includes two privately owned substations connecting the project to the electricity transmission network.
The acquisition of this solar project marks Masdar’s first strategic investment in Greece through “Terna Energy,” a crucial step in solidifying Masdar’s presence in Southeast Europe, adding to Terna Energy’s existing project portfolio and enhancing operational and commercial synergies.
Terna Energy serves as an essential platform supporting Masdar’s expansion into renewable energy markets in Southeast and Central Europe. Following its complete acquisition of Terna Energy in April 2025, Masdar aims to reinforce its position among the largest renewable energy project developers in the region, targeting an operational project portfolio of 6 gigawatts by 2030 as part of its commitment to invest €5.5 billion in this sector.
Looking to the Future
As demand for renewable energy continues to rise, driven by advancements in artificial intelligence and digital technologies, providing reliable and affordable energy is increasingly vital to meeting the needs of the digital economy and supporting the transition towards clean energy reliance.
Masdar is developing a groundbreaking project in Abu Dhabi that aims to deliver renewable energy around the clock, set to be the largest of its kind globally, offering clean energy on demand. With over 65 gigawatts, Masdar boasts one of the fastest-growing renewable energy portfolios worldwide.
The company’s projects span key markets demonstrating high growth rates in renewable energy, including solar, onshore and offshore wind, energy storage systems, and hybrid energy solutions. Masdar aims to achieve 100 gigawatts of capacity by 2030, continuing to expand its activities and investments to provide reliable, competitive clean energy, thus supporting the rapid demand for electricity and enhancing energy security and economic growth in the region.
The acquisition is subject to regulatory approvals and standard conditions for completion, with expectations to finalise by the end of 2026.