The acquisition of one of Greece’s largest solar park complexes and entry into the domestic data centre market mark the first strategic move by TERNA Energy since its acquisition by Masdar a year and a half ago.
The two-pronged expansion was formally confirmed on Friday, during a visit to Athens by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. It comprises two large-scale moves that reflect the Emirati group’s ambitions in the Greek market.
In the first, TERNA Energy is acquiring Enipeas from UK-based Lightsource bp, one of Greece’s largest solar PV complexes. Stretching from Fthiotida to Larissa, it is expected to begin operating by the end of 2026 and aims to meet the energy needs of more than 200,000 households.
Although Masdar’s announcement does not disclose the price, the scale of the project points to a very substantial acquisition. It has a total capacity of close to 560 MW and comprises a number of different solar parks.
The southern cluster, Skopia, has a capacity of 400 MW, while the northern cluster, Kallithea, has a capacity of 160 MW. Nearly 970,000 solar panels are to be installed across the two sites.
As the announcement says, the Masdar subsidiary will add batteries to Enipeas — no details were provided — so that surplus power from the large-scale solar generation can be fed into the Greek and other electricity systems during the evening.
In practice, the move will give TERNA Energy the country’s second-largest solar portfolio, after that of the PPC-RWE joint venture, while it retains its leading position in wind power. The company is also increasingly scanning for opportunities in Eastern Europe, as CEO Aristotelis Chantavas made clear recently at the Investopia Mediterranean conference and the 8th Renewable & Storage Forum.
Data centres with Khazna
In the second move, Masdar signed a memorandum of understanding with fellow Emirati company Khazna Data Centers, one of the UAE’s largest technology players, to develop data centres in Greece with capacity of up to 600 MW, alongside investments in renewables with a total capacity of 2.4 GW.
In both cases, TERNA Energy will be responsible for delivering the projects. UAE Minister of Industry and Masdar Chairman Dr Sultan Ahmed Al Jaber specifically highlighted the simultaneous push into renewables and data centres through Greece.
Masdar’s CEO also stressed the direct link between large renewable energy portfolios and data centres, which require huge volumes of cheap, green electricity.
“These agreements mark another important milestone in our European growth strategy, expanding our portfolio with a high-quality solar project. The project (i.e. Enipeas) will be further developed through the addition of batteries and is expected to generate stable, long-term returns. Our collaboration with Khazna builds on this foundation, exploring opportunities to power Greece’s growing digital economy with clean energy,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Khazna at a glance
Khazna Data Centers has around 30 operational medium- and large-scale data centres in the UAE and is developing Stargate UAE, an AI infrastructure complex with a planned capacity of 1 GW in Abu Dhabi.
It is part of the wider 5 GW AI Campus, a vast data centre complex with numerous facilities, networks and, of course, very substantial electricity needs, being jointly developed by the US and the UAE with the participation of leading US technology groups such as OpenAI, Oracle, Nvidia, Cisco and SoftBank.
It was announced a year and a half ago, on 22 May 2025, and is the first international development of OpenAI’s Stargate programme.