Abu Dhabi:Abu Dhabi Future Energy Company PJSC - Masdar has signed an agreement to acquire and develop one of Greece's largest solar projects. This acquisition is aimed at bolstering Greece's clean energy infrastructure and supporting its ambitions as a European digital hub while enhancing the strategic partnership between the UAE and Greece.

According to Wam, the agreement was announced as the two countries celebrate over 50 years of diplomatic relations and aim to expand cooperation in areas such as energy, artificial intelligence (AI), and advanced technology.

The solar photovoltaic (PV) project, which exceeds 550 megawatts (MW) and is being acquired from Lightsource bp, is expected to be operational by the end of 2026. Upon completion, it will generate enough electricity to power more than 200,000 homes annually, serving the rising electricity demand driven by AI and digital infrastructure in Greece.

In another development, Masdar and Khazna Data Centres have formed a partnership to advance green data center development in Greece. This collaboration combines Khazna's data center expertise with Masdar's renewable energy and storage capabilities to support Greece's digital infrastructure needs, potentially leading to significant investment opportunities and economic growth.

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, emphasized the importance of the UAE-Greece partnership, highlighting the role of clean energy and digital infrastructure in economic competitiveness and growth. He stated that these initiatives will enhance Greece's energy security and support its goal of becoming a regional digital hub.

Masdar's CEO, Mohamed Jameel Al Ramahi, noted that the agreements are a milestone in Masdar's European growth strategy. He mentioned the integration of battery storage in the project to ensure grid stability and flexibility in Greece's power system.

The acquisition represents Masdar's first strategic investment through TERNA ENERGY in southeastern Europe. It marks a significant step in expanding Masdar's presence in one of Europe's rapidly growing renewable energy markets.

Masdar's plans include leveraging TERNA ENERGY's platform to become one of the largest renewable developers in the region, with a target of 6 gigawatts of operational capacity by 2030. The acquisition is subject to regulatory approval and is expected to be completed by the end of this year.