Greece’s Copelouzos Group has signed agreements with two Abu Dhabi technology companies to explore artificial intelligence and data-centre infrastructure development. The initiative comes as the country’s Independent Power Transmission Operator (IPTO) reports more than 12 GW of data-centre connection applications, intensifying competition for electricity capacity. The agreements were signed on October 22 with Khazna Data Centers and Core42, both part of the G42 technology group, as access to electricity, grid connection rights and digital infrastructure become increasingly intertwined.
IPTO’s reported application total is above earlier industry estimates, but it does not represent committed investment or actual electricity consumption. The operator has acknowledged that it cannot yet reliably distinguish mature projects from preliminary proposals. Still, the partnership and growing connection queue point to a shift in Southeast Europe’s electricity business, with energy companies taking roles as developers, shareholders and infrastructure partners in the AI economy.
Copelouzos and G42 explore Greek AI infrastructure
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 examine the development of an AI factory in Greece, while its scale, ownership structure and implementation timetable remain undecided. A large, expandable facility in the Attica region has been reported as a possible first project, but neither a final site nor installed capacity has been confirmed.
For Copelouzos, the opportunity extends beyond diversification 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.
A conventional electricity supplier earns revenue by delivering energy. A data-centre infrastructure investor could participate in several activities, including land development, preparation for grid access, electrical infrastructure, facility ownership and long-term capacity leasing. That model could combine contracted infrastructure cash flows with exposure to demand for computing power, but revenue would depend on securing customers, allocating project risks and completing development. The memoranda signed by the companies are not final investment commitments.
Connection queue exceeds 12 GW as Greece considers new rules
IPTO deputy chairman Ioannis Margaris said at an Athens energy conference on October 22 that data-centre connection applications had exceeded 12 GW. Earlier reporting in October put the queue at about 9 GW, compared with almost 5 GW in June. The rise indicates an expanding development pipeline, but applications do not equate to operational electricity demand.
A connection application signals 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. If capacity is reserved for projects that are unlikely to proceed, more advanced investments could face longer development periods and additional costs.
Greece is considering changing how data-centre connection rights are allocated. A draft regulatory framework would impose stricter financial and technical requirements, including a proposed €200,000 per MW connection guarantee and developers’ responsibility for grid infrastructure costs attributable to their projects. Under the proposal, a 100 MW application would require a €20 million guarantee if the rule takes effect in its current form.
The draft also proposes that data centres obtain at least 60% of annual electricity consumption from renewable sources. The legislation remains under consultation, which is scheduled to close on October 24, and the proposed requirements are not binding. The draft treats access to limited transmission capacity as a commitment that would require credible financial backing, rather than simply an administrative application.
Financing hinges on customers and deliverable grid access
Data-centre financing involves risks that differ from those of conventional renewable electricity projects. For a utility-scale renewable project, lenders focus on construction, generation forecasts, electricity revenues, grid access and operational performance. Data-centre investments also expose lenders to computing demand, technological change, 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 the development can be completed and commercially occupied.
By contrast, 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 that prepare assets for institutional capital.
Power procurement and efficiency shape data-centre design
The proposed Greek rules would make electricity procurement part of the initial investment structure, rather than a secondary operating decision, through the renewable sourcing requirement and tighter grid-access conditions. Developers would need to consider generation availability, consumption profiles, cooling requirements and possible 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. Critical workloads that require continuous operation cannot simply be interrupted when the electricity system is constrained. This difference will affect contract design among data-centre operators, electricity suppliers and system operators.
European energy-efficiency requirements are also developing. The European Commission is preparing potential minimum performance standards for data centres, with a legislative proposal planned for 2027. Energy performance, water consumption, cooling efficiency and recoverable waste heat are therefore becoming relevant to asset valuation and long-term operating expenditure.
Regional competition turns on dependable infrastructure
The Greek developments have implications for Romania, Bulgaria, Croatia, Serbia and Montenegro, although the countries should not be assumed to face the same level of immediate demand. Competition for AI infrastructure will increasingly depend on electricity reliability, available grid capacity, telecommunications connectivity, permitting efficiency and the ability to structure major investments. Serbia’s industrial infrastructure and regional telecommunications connections 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. The 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 the timeframe required by international technology investors.
For utilities and infrastructure developers, the Copelouzos initiative is an example of how electricity-sector expertise can be applied in a different revenue market. The immediate investment opportunity is not the entire 12 GW application queue, but the much smaller group of projects able to turn requested electricity capacity into financed, contracted and operational digital infrastructure.