Masdar buys one of Greece’s largest solar projects days after UAE’s EUR 15 bn pledge

Masdar just doubled down on Greece days after the UAE pledged EUR 15 bn in investments in the country — and raised funds in the same weekend. The Abu Dhabi renewables company has agreed to buy and develop a 550+ MW solar project from Lightsource BP, which it describes as one of Greece’s largest. Separately, it signed on with Khazna Data Centers to explore supplying clean power to green data centers in the country, according to an Abu Dhabi Media Office statement. The value of the acquisition wasn’t disclosed.

Why it matters: Both deals fall within the sectors the UAE’s EUR 15 bn pledge targets: renewables, AI, and digital infrastructure. No breakdown or timeline was provided for the pledge, but the Masdar play looks to be an early manifestation of the investment plan.

REMEMBER- Masdar already has a major foothold in Greece: Masdar acquired a 70% stake in Greek renewables developer Terna Energy in November 2024, valuing the company at EUR 3.2 bn, before taking full ownership in April 2025. The new solar project is its first strategic investment through Terna, which serves as its expansion platform across Southeastern and Central Europe.

The project is due online by the end of 2026 and will generate enough electricity to power more than 200k homes, according to the statement. Masdar plans to add battery storage to balance supply and demand. The acquisition also includes two substations that connect the project to Greece’s transmission grid. Closing is expected before year-end, pending regulatory approval.

And there’s more in the pipeline: Terna is targeting 6 GW of operational renewable capacity by 2030 under a EUR 5.5 bn investment plan. Masdar has also been expanding elsewhere in Southeastern Europe, including with 150 MW of solar projects in Montenegro, and plans to explore pumped hydro storage.

The data center play is still at an early stage: Masdar and G42-owned Khazna will explore developing green data centers in Greece, supported by dedicated renewable power and battery storage, to serve rising electricity demand from AI and cloud computing. No investment value, capacity, or timeline was announced. Khazna is already working with Italy’s Eni on a planned 500 MW data center in Italy, alongside its expansion into Saudi Arabia.

MEANWHILE- Investors are lining up for Masdar: Masdar priced a USD 600 mn five-year blue bond last week at 115 bps over US Treasuries. That was tighter than initial guidance of c. 130 bps, after orders topped USD 1.4 bn, or more than twice the issue size, Zawya reports. The notes settle on 29 October, mature in October 2031, and will list on the London Stock Exchange’s International Securities Market.

SOUND SMART- Blue bonds are a type of sustainable debt whose proceeds are set aside for ocean and water-related projects, such as desalination, wastewater treatment, and marine conservation.