A top ministerial committee in Greece on Friday provided the “green light”, as widely expected, to two major strategic investments in the country, one by IT giant Microsoft and the other by Athens-based multinational Terna Energy.

Total investments from both projects is billed as exceeding 1.2 billion euros.

Microsoft’s investment, via its local subsidiary Microsoft Hellas, deals with the creation and operation of big data centers in the greater Athens area, while Terna Energy plans to build what it calls a hybrid hydro pumped storage facility at the Amari site, on the eastern part of the large island of Crete, essentially a hydro-electric dam, underground pump station and adjacent wind farms. Terna says the project as the biggest of its kind in Europe and the first of its type in Greece.

The latter will create more than 400 job spots, according to the company.

Microsoft’s 976-million-euro investment is accompanied by a projection for 300 new job spots.

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