Abu Dhabi's Masdar has agreed to acquire and develop a solar plant of more than 550 MW in Greece from Lightsource bp, the solar developer owned by BP, PV Tech and Balkan Green Energy News report. The deal was announced by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, during a visit to Greece.
The plant
Installation at the plant is being completed, and it is scheduled to start operation by the end of 2026. According to Balkan Green Energy News, it is set to become the second-largest solar plant in Europe outside Turkey, slightly ahead of a 550 MW facility built by PPC in Western Macedonia. It is expected to produce enough electricity for more than 200,000 homes a year.
The transaction includes two privately owned substations that connect the project to the transmission grid. Masdar plans to add battery storage to support grid stability and system flexibility. The price was not disclosed, and the deal is subject to regulatory approval and customary closing conditions, with completion expected by the end of 2026.
Masdar's Greek platform
The acquisition is Masdar's first strategic investment through Terna Energy, the Greek renewable energy company it acquired in stages and now fully owns. Masdar uses Terna as its vehicle for expansion in south-eastern and central Europe. Terna Energy aims to reach 6 GW of capacity by 2030, backed by a EUR 5.5 billion investment plan.
Earlier this year, Masdar also signed a joint development agreement in Montenegro with the national utility Elektroprivreda Crne Gore for two solar projects, the 115 MW Štedim and the 35 MW Krupac.
Solar for data centres
Alongside the acquisition, Masdar signed a memorandum of understanding with Khazna Data Centers, a UAE-based developer, to advance green data centre development in Greece. The partners will explore dedicated clean power and storage solutions for data centres.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said that access to reliable, affordable energy "will be increasingly critical to competitiveness and growth". He described the combination of Masdar's renewable portfolio and the Khazna partnership as bringing together "two essential foundations of the future economy: clean power and digital infrastructure."
What it means for European developers
The deal shows that large, nearly finished solar plants in southern Europe are attracting deep-pocketed buyers from the Gulf, even as Greek producers face curtailment and low midday prices. Buyers like Masdar can add storage and link plants to new demand such as data centres, which changes the value of solar assets. For developers in Greece and the Balkans, it points to a clear exit route: build large, grid-connected projects with space for batteries, and sell them to strategic investors with long-term plans for the region.
Source: PV Tech and Balkan Green Energy News.
