Renewables

Shell, CIP join investor pool in offshore wind power in Greece

Shell CIP investor pool offshore wind power Greece

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July 2, 2021

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Published:

July 2, 2021

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Energy heavyweights are preparing big bets on offshore projects in Greece as they don’t want to miss out on the opportunities in the sector. Shell is said to be looking for partners while Copenhagen Infrastructure Partners established a joint venture with Mytilineos.

The Ministry of Environment and Energy is preparing legislation that would open the offshore wind power market in Greece. Investors are wasting no time and the number of major companies that are interested in the sector is increasing.

Offshore wind requires specific know-how and significant funds, which is an opportunity for foreign firms, while domestic players offer experience in the Greek market, engineering capacity and logistics. At least two such joint ventures are in the making and Royal Dutch Shell is reportedly returning to the country after a three-year break.

Shell is looking for Greek partners for the development of offshore wind projects

The British-Dutch oil and gas giant is expanding its renewables portfolio so that it doesn’t miss out on the opportunity to establish a foothold in the sector. It is also pressured by increasing costs on greenhouse emission certificates.

Ot.gr learned from unnamed sources that Shell is meeting with representatives of Greek companies as it seeks partners for offshore wind but also possible acquisitions of mature onshore wind projects.

Mytilineos announces deal with CIP

Mytilineos has just signed a deal 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. CIP has EUR 15 billion under management, making it the largest dedicated greenfield renewable energy fund, the statement adds.

The Danish firm will develop and build the projects in cooperation with Copenhagen Offshore Partners. CIP estimated that floating offshore wind would dominate the market.

Terna partnered with Ocean Winds

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.

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

Furthermore, the article adds, the Ministry of Environment and Energy recently held meetings with American, German, Norwegian, Chinese and Belgian ambassadors and officials.

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