Greece

Greece

CIP targets floating offshore wind off Greece

Investor sets sights on future market in Greece, which is due to unveil offshore wind framework this summer

The Greek government is preparing to unveil an offshore wind framework this summer (pic credit: DronePicR/Wikimedia Commons)
The Greek government is preparing to unveil an offshore wind framework this summer (pic credit: DronePicR/Wikimedia Commons)

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Copenhagen Infrastructure Partners (CIP) is teaming up with Greek engineering conglomerate Mytilineos to develop offshore wind farms off the Mediterranean country.

They will focus on identifying appropriate sites, co-developing and co-investing in floating wind farms through a 60:40 partnership, with CIP holding the majority stake in the projects.

However, CIP’s subsidiary Copenhagen Offshore Partners — which is developing offshore wind farms off Germany, the UK, Taiwan, the US, Australia, Japan, South Korea and Vietnam — will lead project development.

CIP partner Michael Hannibal said the Greek offshore wind market will be dominated by projects with floating platforms rather than fixed-bottom foundations due to the depth of Greek seas.

Neither party has disclosed any capacity targets for the joint venture.

The Greek government is preparing to unveil a framework for offshore wind this summer and sees the technology representing a significant but not yet quantified portion of its 2030 power mix.

EDPR and Engie — through their Ocean Winds joint venture — are teaming up with Greek developer for 1.5GW of floating offshore wind projects off Greece. Equinor and Principle Power are among other companies exploring development opportunities.

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