The ministry says Iberdrola's Greek affiliate Rokas has already delivered the environmental impact assessment (EIA) for the project.
It also states the interconnection project has received broad approval from Greece's Regulatory Authority for Energy (RAE). Iberdrola was not immediately available for comment.
Over 40% of the planned investment will go to building the submarine interconnection between the mainland and the Aegean islands of Lesbos and Chios, says the document, authored by the ministry's Economic and Commercial Office in Greece. Rokas aims to start building that network in 2014, "ready for operations in 2017".
By that year, Iberdrola-Rokas plans to have built 28 wind stations totalling 706MW, with 400MW on Chios and 306MW on Lesbos.
The project also includes extensive transport infrastructure, including 97 km of new road in Lesbos.