RWE and Hellenic Petroleum set up Greek offshore wind JV

German utility RWE and Greek energy firm Hellenic Petroleum have set up a 50:50 joint venture to develop, build and operate wind projects off the Greek coast, via subsidiaries RWE Renewables and Helpe Renewables.

Greece aims to have grid connections between its islands, such as Santorini, and the mainland by 2030 (credit: Getty)
Greece aims to have grid connections between its islands, such as Santorini, and the mainland by 2030 (credit: Getty)

Greece is targeting 2GW of offshore wind capacity by 2030, including both fixed-bottom and floating projects.

Sven Utermöhlen, RWE Renewables CEO of offshore wind, said “The country’s excellent wind resource in combination with its long coastline result in a vast potential for offshore wind developments, which makes us confident that the Greek offshore wind industry will gain real momentum.”

Greece currently has no offshore wind power capacity, and is planning a first round of offshore tenders in 2023.

It has around 4GW of onshore wind online and could add 1.5GW by 2025. Alexandra Sdoukou, the Greek secretary-general for energy and mineral resources, said last autumn that the country sees offshore wind potential - in the mid-to-long-term - for 10GW of bottom-fixed wind turbines and 30-40GW of floating wind power. Floating wind looks set to take centre stage given the country’s deep waters.

Offshore wind could prove a particular boon to the country’s islands, which currently pay high prices to generate power from heavy oil or diesel, said Sdoukou. Greece aims to have grid connections between all islands and the mainland by 2030.

RWE entered the Greek renewables market last year, inking a 51:49 deal with Greece’s state-owned PPC Renewables to develop 2GW of large-scale solar projects.

The firm is aiming to boost its offshore wind capacity from 3GW to 8GW by 2030, building on its current participation in 18 offshore wind projects across five countries. It wants 1GW of floating wind power capacity online or under construction by 2030.

Helpe Renewables has 300MW of renewables online, including the 204MW Kozani solar PV facility, as well as a 2GW pipeline of PV and wind power.

Denmark’s CIP and Greek engineering firm Mytilineos set up a 60:40 offshore wind JV in Greece last year, while EDPR/Engie joint venture Ocean Winds also announced plans to work with Greek firm Terna on 1.5GW of floating offshore wind in Greek waters.

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