Masdar (Abu Dhabi Future Energy Company), a UAE-based renewable energy developer, has signed an agreement to acquire and develop a solar photovoltaic project of more than 550 MW in Greece from Lightsource bp.

The project is expected to become operational by the end of 2026. According to Masdar, it will generate enough electricity to meet the annual power requirements of more than 200,000 homes. The company also plans to add battery storage to the solar project.

The transaction will also include two privately owned substations connecting the project to Greece’s electricity transmission system.

The acquisition is subject to regulatory approvals and customary closing conditions. Masdar expects to complete the transaction by the end of 2026.

The acquisition will be Masdar’s first strategic investment through TERNA ENERGY and will expand its presence in southeastern Europe. The solar project will be added to TERNA’s existing portfolio.

Masdar completed the acquisition of 100% of TERNA ENERGY in April 2025 after initially acquiring a 70% stake in November 2024. The transaction valued TERNA at €3.2 billion (~$3.6 billion). According to Masdar, it was the largest energy transaction on the Athens Stock Exchange at the time. It plans to use TERNA as its platform for expansion across Southeastern and Central Europe. The company is targeting 6 GW of operational renewable energy capacity in the region by 2030, supported by a €5.5 billion (~$6 billion) investment plan.

Masdar said its global renewable energy portfolio exceeds 65 GW across solar, onshore wind, offshore wind, battery storage, and hybrid projects. The company is targeting 100 GW of capacity by 2030.

According to Mercom’s 1H and Q2 2026 Solar Funding and M&A report, approximately 25.2 GW of solar projects were acquired in the first half of 2026, compared to 19.9 GW in the first half of 2025.

In July 2026, the company reached financial close on a $5.1 billion financing package for a 5.2 GW solar and 19 GWh battery energy storage round-the-clock project in Abu Dhabi.

In June 2026, Masdar signed an agreement to acquire a 49.99% stake in Madrid-based energy and petrochemical company Repsol’s 705 MW operational renewable energy portfolio in Spain.