Masdar, the Abu Dhabi Future Energy Company, has signed an agreement to acquire and develop a solar photovoltaic project of more than 550 megawatts in Greece from Lightsource bp, Mercom Capital reported. The project is expected to be operational by the end of 2026, to generate enough electricity for more than 200,000 homes, and to add battery storage, according to Masdar. The transaction also includes two privately owned substations connecting the project to the Greek transmission system.
The acquisition is subject to regulatory approvals and customary closing conditions, and Masdar expects to complete it by the end of 2026. No purchase price was disclosed. It will be Masdar’s first strategic investment through TERNA Energy, the Greek renewables company it took to 100 percent ownership in April 2025 after an initial 70 percent stake in November 2024, in a transaction that valued TERNA at 3.2 billion euros, about $3.6 billion.
Masdar plans to use TERNA as its platform for expansion across southeastern and central Europe, targeting 6 gigawatts of operational renewable capacity in the region by 2030 under a 5.5 billion euro, about $6 billion, investment plan. Its global portfolio exceeds 65 gigawatts across solar, wind, storage and hybrid projects, against a target of 100 gigawatts by 2030.
The structure matters more than the single project: a sovereign backed developer is compounding a controlled listed platform with operating and development assets bought from a BP owned seller, consolidating Greek solar ownership under Abu Dhabi capital.