Greece’s Copelouzos Group has agreed to explore artificial intelligence and data-centre infrastructure with two Abu Dhabi technology companies, as applications for data-centre grid connections in the country exceed 12 GW. The agreements bring together electricity infrastructure and digital investment in a market where access to electricity, grid connection rights and computing facilities are increasingly linked.
Signed on October 22, the agreements are with Khazna Data Centers and Core42, both part of the G42 technology group. Greece’s transmission system operator, IPTO, reported receiving more than 12 GW of data-centre connection applications. That is above earlier industry estimates and signals the scale of prospective demand competing for access to the transmission system.
The applications do not represent confirmed investment or electricity consumption. IPTO has acknowledged that it cannot yet reliably distinguish mature projects from preliminary proposals. Even so, the partnership and growing connection queue point to a change in Southeast Europe’s electricity business, with energy companies taking roles as developers, investors and infrastructure partners in the AI economy.
Copelouzos explores AI infrastructure investment
The agreements envisage combining Khazna’s experience in developing physical data-centre facilities with Core42’s cloud infrastructure and AI computing capabilities. The companies will explore an AI factory in Greece, but its investment scope, ownership structure and implementation timetable have not been determined. A large, expandable facility in the Attica region has been reported as a possible first development; no location or installed capacity has been confirmed.
For Copelouzos, the opportunity extends beyond diversifying into another infrastructure sector. The group has experience developing energy projects, obtaining infrastructure approvals and structuring large investments with international partners. Those capabilities are relevant to data centres, where securing electricity capacity can be as challenging as obtaining land or financing.
While a conventional electricity supplier earns revenue from delivering energy, a data-centre infrastructure investor could participate in land development, grid-access preparation, electrical infrastructure, facility ownership and long-term capacity leasing. The investment proposition could combine contracted infrastructure cash flows with exposure to rising demand for computing power. Revenue would still depend on securing customers, allocating project risks and completing development, and the signed memoranda are not final investment commitments.
Connection applications and proposed rules
IPTO deputy chairman Ioannis Margaris said at an Athens energy conference on October 22 that data-centre applications had exceeded 12 GW. Earlier reporting in October put the queue at about 9 GW, compared with almost 5 GW in June. The increase indicates a rapidly expanding development pipeline, but applications are not the same as operational demand.
A connection application indicates interest in obtaining electricity capacity; it does not establish that financing, building permits, technology contracts or long-term computing customers are secured. This distinction matters for electricity infrastructure planning. Reserving transmission capacity for projects that are unlikely to proceed could extend development periods and add costs for more advanced investments.
Greece is considering changes to the allocation of data-centre connection rights. A draft regulatory framework would impose stricter financial and technical requirements, including a proposed €200,000 per MW connection guarantee and responsibility for grid infrastructure costs attributable to each project. Under the proposal in its current form, a 100 MW application would require a €20 million guarantee.
The draft also proposes that data centres meet at least 60% of annual electricity consumption from renewable sources. The legislation is still under consultation, which is scheduled to close on October 24, so the requirements are not yet binding. The proposals would make access to scarce transmission capacity dependent on credible financial backing rather than an administrative application alone.
Financing depends on customers and grid access
Data-centre financing brings risks that differ from those of conventional renewable electricity projects. For a utility-scale renewable project, lenders assess construction, generation forecasts, electricity revenues, grid access and operational performance. Data-centre investments also expose lenders to computing demand, technology changes, cooling infrastructure, electrical redundancy and customer concentration.
Financing may depend on the credit quality of cloud companies, AI service providers or long-term facility tenants. A key investment milestone could be securing both a credible computing customer and a bankable electricity connection. Connection rights alone are unlikely to support substantial project debt without evidence that construction can be completed and the facility commercially occupied.
A project with secured grid capacity, completed electrical engineering, environmental approvals and long-term customer commitments could have a materially different valuation from a speculative proposal. This creates a potential role for energy developers as early-stage infrastructure sponsors, preparing assets for institutional capital.
Power procurement becomes part of project design
The proposed Greek framework would make electricity procurement part of the initial investment structure, rather than a later operating decision. Developers would need to account for generation availability, consumption profiles, cooling requirements and potential flexibility obligations. Demand that can respond to operating conditions could benefit the electricity system if suitable commercial agreements and technical arrangements are in place.
Some computing workloads may be scheduled or transferred more flexibly than others, while critical workloads requiring continuous operation cannot simply be interrupted when the electricity system is constrained. That difference will affect contract design between data-centre operators, electricity suppliers and system operators.
European energy-efficiency requirements are also developing. The European Commission is preparing possible minimum performance standards for data centres, with a legislative proposal planned for 2027. Energy performance, water consumption, cooling efficiency and recoverable waste heat are becoming relevant to asset valuation and long-term operating expenditure.
Competition for digital infrastructure in Southeast Europe
The Greek developments are relevant to Romania, Bulgaria, Croatia, Serbia and Montenegro, although the countries should not be assumed to have the same level of immediate demand. Investors in AI infrastructure will increasingly assess electricity reliability, available grid capacity, telecommunications connectivity, permitting efficiency and the ability to structure major investments. Serbia’s industrial infrastructure and regional telecommunications links could support selected projects, while Romania and Bulgaria provide access to EU electricity and digital-services markets.
Montenegro’s potential would depend on finding a commercially credible niche, given the smaller scale of its electricity system and infrastructure. Competition may turn less on which country offers the lowest wholesale electricity price than on which can deliver bankable electrical infrastructure, dependable capacity and sufficient development certainty within international technology investors’ timelines.
For utilities and infrastructure developers, the Copelouzos initiative is an example of how electricity-sector expertise can support participation in a different revenue market. The immediate investment opportunity is not the full 12 GW application queue, but the smaller pool of projects able to convert requested electricity capacity into financed, contracted and operational digital infrastructure. The figures and proposals cited reflect IPTO’s October 22 conference disclosure, the Copelouzos–G42 announcement and Greece’s October data-centre regulatory proposals.
