Greece has proposed a €15,000 per MW annual levy for new data centres and a requirement to source renewable electricity from new domestic generation. The measures are part of electricity-market legislation submitted to parliament on October 31, which remains subject to parliamentary approval. The draft would also make developers responsible for grid-connection costs and require financial guarantees of €200,000 per MW.
Annual levy adds recurring costs for new facilities
The proposed levy would be based on a data centre’s maximum electricity-consumption capacity and become payable when the facility starts operating. Its proceeds would benefit residential electricity consumers and municipalities in areas hosting the installations, sharing part of the financial benefits of large digital infrastructure investments with local communities. The charge would be calculated against contracted or installed capacity, rather than actual annual electricity use.
A 100 MW data centre would owe €1.5 million a year, or €15 million over ten years before any subsequent changes to the regulatory framework. A 300 MW facility would face an annual charge of €4.5 million. The levy would be separate from electricity procurement, network tariffs, maintenance, cooling infrastructure and other operating expenditure.
The charge could affect site selection, investment returns and infrastructure leasing, particularly where electricity capacity is reserved before a facility reaches full commercial utilisation. Existing data centres that are already operating and connected to the electricity network would be excluded. For new projects, the recurring payment would form part of long-term financial modelling.
New renewable generation required for electricity supply
The draft requires at least 60% of annual electricity consumption to be supplied by renewable energy. Qualifying electricity must come from new renewable generation installations connected to Greece’s interconnected electricity system, preventing data centres from meeting the requirement solely with existing renewable generation. Eligible installations must satisfy defined development conditions and be operational no later than the date the data centre is energised.
If the required renewable generation or associated storage infrastructure is not operational, energisation of the data centre could be suspended until the obligations are met. The legislation would also restrict operating subsidies for the portion of qualifying generation and storage capacity used to meet the data-centre requirements. The 60% share would be calculated annually, rather than through mandatory hourly matching of generation and consumption.
Annual accounting allows more flexibility in electricity procurement, while still creating significant development and contractual obligations. A ministerial decision could adjust the renewable share under specified conditions, including arrangements involving non-solar renewable technologies or generation combined with storage. Renewable procurement would therefore need to be incorporated into the initial project structure rather than finalised after construction.
Grid access carries guarantees and connection costs
Developers applying for electricity-grid connection capacity would have to provide a financial guarantee of €200,000 per MW. The mechanism is intended to discourage speculative applications that reserve scarce network capacity without sufficient evidence of financial or technical maturity. For a 100 MW data centre, the guarantee would be €20 million, in addition to the proposed €1.5 million annual levy and the cost of associated electrical infrastructure.
The guarantee is financial security, not an upfront, non-refundable fee, but obtaining it could tie up liquidity or banking capacity during development. A developer seeking a 200 MW connection would need a €40 million guarantee, while a 300 MW project would require €60 million. Applications would also face stricter documentation requirements covering project maturity, financial capacity, land rights and permitting.
Developers would bear the full cost of connection works and network reinforcements required exclusively by their facilities. Their financial commitments would therefore include construction investment, connection costs, credit support for capacity applications and long-term electricity procurement. Lenders would need to assess these obligations alongside the creditworthiness of prospective computing customers and the timetable for filling the facility.
A project could secure land and technology partners but still face substantial development risk if the required electricity infrastructure is not completed on schedule. Delays in delivering the renewable generation required under the proposed rules could also postpone operating revenues for the entire investment.
Projects above 200 MW face additional requirements
The draft provides for special treatment of electricity-connection applications exceeding 200 MW. Such projects could receive priority assessment if accompanied by qualifying new dispatchable generation or electricity-storage infrastructure that meets specified technical and capacity requirements. Under the detailed eligibility rules, the additional infrastructure must correspond to at least 80% of the proposed data centre’s maximum electricity-consumption capacity.
The framework addresses the demands that large, continuous electricity loads can place on transmission infrastructure. For major international investors, priority network access could require investment in substantial energy infrastructure alongside the digital facility. The approach could favour developers experienced in financing and coordinating complex electricity and industrial projects, and create opportunities for partnerships among data-centre operators, electricity utilities and infrastructure funds.
Priority assessment would not itself guarantee that grid capacity is available or that the required investments will be completed. More broadly, the revised framework shifts Greece’s approach from conventional grid-access approvals towards greater developer responsibility for new electricity capacity, network costs and benefits to local communities.
Financing must account for electricity infrastructure
Data-centre financing has traditionally focused on construction expenditure, equipment, customer contracts, operational reliability and long-term infrastructure revenues. Under the proposed Greek model, lenders would also need to assess renewable-generation schedules, grid-connection guarantees, network reinforcement costs and the risk of delayed energisation. Financing would increasingly depend on integrating computing infrastructure, dedicated electricity supply and long-term network-access rights.
Coordination between electricity and computing infrastructure would be especially important. A delay to an associated renewable project could prevent commercial operations from starting even if the building and computing equipment were complete. Lenders would need integrated technical due diligence covering electricity-load studies, connection agreements, renewable procurement arrangements and construction-interface risks.
Financing agreements may also require clearer provisions on delays, completion tests, contingent liabilities and responsibility for meeting electricity-supply obligations. The framework could favour developers able to secure coordinated financing for digital and electricity infrastructure. For infrastructure investors, data-centre financing would increasingly depend on securing the electricity supply and network access needed for the project.
Regional investors weigh electricity access and readiness
Greece’s proposed model has wider implications for Romania, Serbia, Bulgaria, Croatia and Montenegro, where investment in data centres and digital infrastructure could become increasingly important to electricity-demand growth. The countries have different power systems, regulatory frameworks and levels of infrastructure readiness. Investors comparing locations would need to look beyond electricity prices and land availability.
Grid-connection certainty, reliable power supplies, telecommunications infrastructure, regulatory conditions and the financial cost of securing electricity capacity could all become decisive factors. For Serbia, the proposal provides a reference for assessing large industrial and digital infrastructure investments in a market where grid-access availability and network-development timing are important investment constraints. Romania and Bulgaria could compete for regional data-centre investment, supported by EU market access and established industrial infrastructure.
Montenegro’s potential would depend on the scale and location of suitable projects and its ability to support additional electricity demand without disproportionate network investment. Greece’s proposed requirements would not apply in these neighbouring markets. They illustrate how governments may increasingly seek to ensure that new electricity-intensive investments bear a greater share of the infrastructure costs they create.
Electricity supply becomes central to data-centre investment
For data-centre developers, reliable electricity is becoming a strategic infrastructure asset requiring dedicated financing, regulatory approvals and long-term contractual commitments. Electricity companies could find commercial opportunities beyond supplying megawatt-hours, including preparing grid-ready sites, developing qualifying electricity supply, building electrical infrastructure and structuring integrated investments with international technology companies.
For banks and infrastructure funds, projects able to demonstrate secure electricity access, coordinated generation development and credible long-term computing demand may be the most valuable. The proposed levy and renewable requirements would add upfront complexity and recurring costs, while potentially distinguishing financially credible investments from speculative applications for scarce grid capacity. The final legislative provisions and implementation rules would determine the full financial consequences.
The proposed framework makes AI infrastructure investment increasingly connected to electricity infrastructure finance, with grid capacity, energy supply and regulatory obligations affecting which projects are commercially bankable. In Southeast Europe, competition to attract data centres may depend less on offering the lowest electricity price and more on providing dependable, financeable power infrastructure within the timetable required by international technology investors.