Renewables

Greece targets 1.5 GW in offshore wind by 2030 – who is in race?

Greece targets 1 5 GW offshore wind 2030 race

Photo: Reegan Fraser on Unsplash

Published

September 30, 2021

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Published:

September 30, 2021

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Minister of Environment and Energy Kostas Skrekas revealed ahead of the rollout of the legal framework for the construction of offshore wind farms that Greece has the ambition to add 1.5 GW in the segment by the end of the decade. Several international and domestic companies are already preparing projects.

The government in Athens gave the first indication to investors about the size of the first phase of offshore wind power plant deployment. Minister of Environment and Energy Kostas Skrekas said the goal is to develop 1.5 GW by 2030.

The battle for market share will soon begin between many Greek and foreign companies as Insider.gr reported the legislative and regulatory framework would be presented within a month. The framework will cover licensing and maritime spatial planning in cooperation with neighboring states, the connection to the transmission network and the formula for a reference price for power purchase agreements, the article adds.

The media learned the locations would likely be predetermined and put to tender so investors won’t be able to get concession agreements upon request.

Terna Energy alone has plans that match 1.5 GW quota

Terna Energy has the biggest ambitions among Greek companies. It already started the procedure for a 450 MW offshore park between Attica, where Athens is, and the island of Evia. Further north it plans a 585 MW offshore wind power plant.

Terna Energy and Ocean Winds, founded by French Engie and Portuguese EDP Renováveis as equal partners, said in March they would develop floating wind farms with a total capacity of 1.5 GW over a decade in Greece.

The Copelouzos Group intends to install a 216 MW facility in the Thracian Sea.

Mytilineos entering market with Danish CIP

Mytilineos signed a deal three months ago with Copenhagen Infrastructure Partners (CIP), which manages funds mostly focused on wind power. The Danish firm will hold 60% in the joint venture through its CI New Markets Fund I, with a build-and-exit strategy. The Greek company will control the rest via Protergia, its gas and power business unit.

There are rumors Royal Dutch Shell is looking for partners for offshore wind endeavors in Greece

PPC Renewables, Motor Oil, Hellenic Petroleum and Enteka are also in the domestic investor pool. Equinor, Iberdrola, Ideol, Innogy, Principal Power, Quantum and BlueFloat have also indicated they are interested in the country’s offshore wind potential.

The Ministry of Environment and Energy has held meetings with American, German, Norwegian, Chinese and Belgian ambassadors and officials, according to earlier reports. Royal Dutch Shell is said to be returning to Greece after a three-year break and looking for partners for offshore wind endeavors.

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