The MoU was signed within the framework of a joint ministerial cooperation meeting between Greece and the United Arab Emirates. It also leaves open the possibility that Taqa could acquire stakes in Terna Energy's capital and assets.
While a future partnership is seen focusing on Greek investments, Terna said joint investments abroad are also possible.
"Nothing is mature yet, but anything that might happen would mainly concern wind, since this is the area in which our company is principally active," Terna Energy spokesman Konstantinos Lamprou said.
Terna Energy currently has 520MW of installed renewable capacity, with only 23.5MW from non-wind sources. Its renewable capacity stands at 302MW in Greece, 138 MW in the US, 74MW in Poland and 30MW in Bulgaria.
The company also has 292MW of wind installations under construction or in the ready-to-build stage, mainly in Greece. Greece's wind energy market has been in the doldrums, with installed capacity rising only 116MW to 1.865GW last year.
Taqa has also been eyeing wind energy investments elsewhere. It is part of a consortium with Italy's Enel Green Power, Siemens and Moroccon firm Nareva that is among five groups competing in an 850MW Moroccan wind tender. In Egypt, Taqa and independent French renewable energy producer Neoen recently agreed to jointly develop wind and solar projects