Greece Offshore Wind Projects
The Greek government is actively supporting the development of the offshore wind sector. The rights for the exploration and identification of suitable areas for the deployment of and installation of Offshore Wind Farms (OWFs) within the Greek territory pertain exclusively to the Greek State. The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) was appointed as the authority responsible for the management of these rights. By the end of 2024, HEREMA plans to establish a Special Purposes Vehicle (SPV) to streamline the process and execute tenders for the wind and seabed studies. The Greek state’s participation in the SPV will be less than 50%, which will allow it to operate as a private company.
Τhe first call for a tender is planned for no earlier than 2027 and will include 6 areas that have been approved for the development of OWP: Crete 1 (Sitia), South East of Evoia (St. Apostoloi), Thrace, Rhodes and Cyclades (Giaros), North of Patraikos Gulf.
As of late 2024, the joint venture TERNA Energy (recently acquired by the Arab energy giant Masdar), Motor Oil, and PPC is initiating a procedure for pilot offshore wind farms in the maritime area of Alexandroupolis, with an implementation horizon of 2030. The projects will be developed south of the coastline of the Evros Regional Unit and north-northeast of Samothrace, with total capacity reaching up to 600 MW. The projects will proceed on a pilot basis, i.e. without competitive procedures and with operational support that must be approved by the Commission by 2025. The exact area will be determined after the necessary studies are completed. The data from the studies will form the basis for determining the compensation price that will ensure the economic viability of the projects. It should be noted that the studies are expected to last at least two years. With the completion of the studies by the HEREMA, investors can then determine the exact installation location, type and number of wind turbines.
The Offshore Wind Farms (OWFs) can be installed on the seabed if the sea depth is relatively shallow (up to approximately 50 meters) or as floating wind turbines if the depths are greater.
The target set by the Greek National Energy and Climate Plan (ESEK) is for offshore wind to account for one-seventh of installed capacity, produce 33% of the country’s electricity needs and by the end of 2030 reaching a total capacity of 1,900 MW. The investments needed to achieve the target will be significant, expected to reach €7.7 billion by 2030 and €60 billion by 2050, according to a study by the Foundation for Economic & Industrial Research (IOBE).
Additionally, the Hellenic Scientific Association of Wind Energy (ELETAEN) announced that wind farms investments connected to the grid in the first half of 2024 valued over €110 million, with a growth rate of 3.7%. Offshore wind farms, together with onshore wind farms and other renewable energy sources, can transform Greece into an exporter of clean energy, which will strengthen Greece’s energy independence and regional geostrategic role.
U.S. companies in renewable energy and design and construction sectors have a strong reputation for innovation, quality, and after-sale service, and are well-positioned to compete in the Greek offshore wind energy market.
For more information on opportunities for U.S. firms, please contact U.S. Commercial Service Greece’s Renewable Energy Industry Specialist Teresa Gile at Teresa.Gile@trade.gov.