Masdar is buying the 560 MW Enipeas solar project in central Greece from Lightsource bp. It is the largest single-site solar transaction Enerdatics records in the country since the start of 2024. No price has been disclosed. The only money figure ever attached to Enipeas is a loan, and the seller raised it.
Key takeaways
- Masdar has agreed to acquire the 560 MW Enipeas solar project in Thessaly, Greece, from Lightsource bp, buying through Terna Energy. The consideration was not disclosed and closing is expected by the end of 2026.
- Enipeas is two clusters, 400 MWp at Skopia and 160 MWp at Kallithea, across about 692.6 hectares of Larissa and Fthiotida, with 968,630 planned modules and two privately owned substations included in the sale.
- The 400 MWp Skopia cluster received a partial operating licence on 22 October 2026, two days before the acquisition was announced on 24 October 2026.
- Lightsource bp raised $337.2 million of debt for Enipeas in April 2024, $181.8 million from the European Union Recovery and Resilience Fund and about $155 million from Eurobank, and added $85.35 million of its own equity, for total funding of roughly $422.6 million, about $0.75 million per MW.
- Enerdatics records 13 solar transactions in Greece since the start of 2024, five with a disclosed value, spanning $0.28 million to $1.88 million per MW at a median of $1.14 million.
What is Masdar actually buying at Enipeas?
One project in two parts, most of which is already generating. The southern cluster at Skopia accounts for 400 MWp and the northern cluster at Kallithea for 160 MWp, both across Larissa and Fthiotida in Thessaly. Two privately owned substations connecting the project to the transmission system are part of the transaction, which matters more than it sounds, because grid access in a solar-heavy region is usually the scarce item rather than the panels.
The 560 MW headline is peak direct-current capacity, written MWp, and it is the sum of the two clusters rather than a grid export limit. Construction began in July 2024, with Ameresco Sunel Energy SA as EPC and operations contractor.
The timing is the detail worth holding on to. A partial operating licence is the Greek consent that lets one part of a plant energise and begin commercial operation while the rest finishes commissioning. Skopia received one on 22 October 2026, after grid energisation and trial operations. The deal was announced two days later. Masdar is not buying a construction site. It is buying an asset that crossed into partial operation in the same week the agreement was signed, with the company expecting the whole project operational by the end of 2026 and generating about 900 GWh a year.
Why does the deal arrive with a debt figure instead of a price?
Because the only public number at Enipeas was raised to build it, not to buy it. In April 2024 Lightsource bp secured $337.2 million of debt, $181.8 million from the European Union Recovery and Resilience Fund, the bloc's post-pandemic investment programme, and about $155 million from Eurobank, covering the remaining $85.35 million itself. Enerdatics' record of that financing puts total funding at roughly $422.6 million.
Divided across 560 MW, that is about $0.60 million per MW of debt and about $0.75 million per MW of total capital. It is a construction cost. A buyer inherits the asset and whatever is left of that capital structure, and what it pays for the equity above it is a separate question nobody has answered. Treating $337.2 million as a proxy for what Enipeas is worth would understate it by the whole development margin Lightsource bp built over two years.
What would a Greek comparable imply for 560 MW?
Something close to $640 million, with a confidence interval wide enough to drive through. Greek solar pricing is thin: of the 13 transactions since the start of 2024, five disclose a value, running from $0.28 million to $1.88 million per MW. The median is $1.14 million per MW, which on 560 MW implies roughly $640 million. That is arithmetic on five observations rather than a reported figure, and the same arithmetic at the ends of the range supports anything from about $157 million to about $1.05 billion.
The narrower and more useful read is the spread between the two numbers that are solid. Building Enipeas cost about $0.75 million per MW of total funding. Greek solar has changed hands at a median of $1.14 million per MW. The roughly $0.39 million per MW between them is the margin a developer earns for taking a project from land through permits, debt and construction to a partial operating licence. On 560 MW that spread is worth about $218 million, and it is what Lightsource bp is selling rather than what the panels cost.
Enerdatics records only two Greek entries larger than Enipeas since the start of 2024, and both are portfolios: PPC Renewables' 1.3 GW solar and wind agreement in June 2026, and ib vogt's 780 MW solar and storage sale in December 2024. At 560 MW on one site, Enipeas is the largest single-asset solar transaction in the Greek record.
What does the deal signal for Greek solar?
It signals that Masdar is using Terna Energy as an acquisition vehicle rather than holding it as a finished position. This is the first strategic investment Masdar has made through Terna, and its first in Greece since taking the company private in April 2025, following an initial 70 percent purchase in November 2024 that valued Terna at 3.2 billion euros. Masdar is targeting 6 GW of operational capacity by 2030 behind a 5.5 billion euro investment plan, and the pattern is familiar from its 849 million euro partnership with Repsol in Spain: buy late, buy large, buy assets that have cleared execution risk, and let a local platform run them.
The demand side is the part to watch. Most of Enipeas' output is contracted to an international company under a private PPA, a bilateral contract between generator and buyer outside the regulated tariff, with the remainder sold into the market. Masdar has signed a memorandum of understanding with Khazna Data Centers to explore clean-energy-powered data centres in Greece, and plans to add battery storage at Enipeas to firm the output. That is the direction Greek hybrids have already taken, visible in the Metlen and Tsakos joint venture pairing 252 MW of solar with 375 MWh of storage. A 560 MWp plant with a private offtake, a storage plan and a data centre conversation attached is being bought as a supply position, not a yield asset.
Frequently asked questions
How much is Masdar paying for the Enipeas solar project?The consideration was not disclosed. For context, Enerdatics records five of the 13 Greek solar transactions since the start of 2024 as carrying a disclosed value, with a median of $1.14 million per MW, which on 560 MW would imply roughly $640 million. That is an extrapolation from five observations, not a reported price.
How big is the Enipeas solar project and where is it?Enipeas is a 560 MW project in Thessaly, Greece, across Larissa and Fthiotida. It comprises a 400 MWp southern cluster at Skopia and a 160 MWp northern cluster at Kallithea, covers about 692.6 hectares with 968,630 planned modules, and is expected to generate around 900 GWh a year.
What is a partial operating licence?It is the Greek consent allowing part of a plant to energise and start commercial operation while the rest completes commissioning. The 400 MWp Skopia cluster received one on 22 October 2026, two days before the acquisition was announced.
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