Μake us preferred on Google TERNA ENERGY is serving as a key vehicle for Masdar’s growth in Southeast and Central Europe, according to the UAE renewable energy company’s CEO, Mohamed Jameel Al Ramahi.
In an interview with the print edition of OT – Oikonomikos Tachydromos, published with TO BHMA on Sunday, Al Ramahi highlights the progress of the Greek company’s €5.5 billion investment program two years after its acquisition by Masdar. The plan aims to develop 6 gigawatts of renewable energy projects in Greece and across Europe over the next five years.
Al Ramahi also explains why the United Arab Emirates energy giant has remained resilient in the face of geopolitical uncertainty and outlines how Greece is contributing to Masdar’s goal of reaching 100 GW of renewable energy capacity by 2030.
How is Masdar navigating geopolitical uncertainty, and what does it mean for your investment strategy?
Masdar is built for long-term growth. Our presence across diverse markets and technologies gives us the flexibility and resilience to navigate geopolitical uncertainty.
We invest in both established and high-growth markets, across solar, wind, battery storage and hybrid solutions. Wherever we operate, our priorities remain the same: strong partnerships, sound project economics and the ability to deliver.
Our UAE foundations are an important strength. The country’s long-term vision, economic resilience, global energy leadership, and strong international relationships give us confidence as we continue to expand globally.
Greece is a key part of that growth story. Through TERNA ENERGY, we are building a strong platform for further expansion, drawing on Greece’s renewable resources and technical expertise to deliver affordable, reliable clean energy and strengthen energy security across Europe.
Do renewed concerns about fossil fuel supplies change the case for the energy transition?
Countries need reliable, affordable, sovereign power to support their economies, and renewable energy can help meet that need while reducing exposure to imported fuel price volatility.
The power sector is at an inflection point. Driven by Artificial Intelligence and electrification, electricity demand is growing at a rate not seen in decades. At the same time, advances in battery storage are making round-the-clock clean energy from intermittent sources both technologically feasible and increasingly affordable.
Greece is well positioned to benefit. Its location at the intersection of Europe, Africa and Asia, alongside investment in digital infrastructure and connectivity, offers potential to become a regional digital hub. Expanding renewable energy capacity will help power that growth and strengthen energy security
How is Masdar progressing towards its target of 100GW by 2030, and where does Greece fit?
Today, our global capacity exceeds 65GW, and we have a clear pathway towards 100GW by 2030.
As we mark our twentieth anniversary, our growth reflects two decades of building partnerships and developing capabilities across solar, onshore and offshore wind, battery storage and hybrid solutions.
We combine acquisitions that strengthen our presence in strategic markets with the development of new projects, maintaining commercial discipline and a focus on long-term returns.
Greece is a key contributor to this ambition.
Nearly two years after the initial TERNA ENERGY acquisition, how are you delivering on your commitment to Greece?
Our acquisition of TERNA ENERGY was the largest on the Athens Stock Exchange, and I have always said that it was an investment in the people and the future of Greece. That conviction remains strong, and we are translating it into further investment as we continue to deliver on its pipeline of growth.
Our recent agreement to acquire a 550+MW operational solar project in Northern Greece marks our first strategic investment through TERNA ENERGY since taking it private. One of the country’s largest solar projects, it will complement the existing portfolio and generate enough electricity to power more than 200,000 homes every year. A long-term power purchase agreement with a cloud service provider provides stable, contracted revenues and connects our investment directly to the digital economy.
We also plan to enhance the project with the integration of battery storage, improving flexibility and optimizing performance, while supporting grid stability and enabling greater integration of renewables into Greece’s electricity system.
This focus on storage and system flexibility also extends to our 680MW Amfilochia pumped hydro storage project, where we are making significant progress. The largest investment in energy storage in Greece, it will strengthen the country’s ability to integrate renewables and deliver reliable power.
What role will TERNA ENERGY play in Masdar’s expansion across Southeastern Europe?
TERNA ENERGY is our platform for expansion across Southeastern and Central Europe, with Greece at its heart. Its established presence in Bulgaria and Poland provides a strong foundation for growth, and our ambition is to build on its track record to become one of the region’s largest renewable energy developers.
This is already taking shape. TERNA ENERGY manages Masdar’s portfolio in the region, including the 312MW Čibuk Complex in Serbia and the 72MW Krnovo Wind Farm in Montenegro. We are also advancing the development of an additional 2GW in Montenegro, demonstrating the scale of opportunity we see beyond Greece.
TERNA ENERGY’s people bring engineering expertise, local knowledge and established relationships that we can apply across neighbouring markets. Combined with Masdar’s international experience, access to capital and global development capabilities, these strengths position us to enter new markets, pursue larger projects and capture operational and commercial synergies while maintaining investment discipline.
