The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) is moving forward with the establishment of a special purpose vehicle (SPV) aimed at overseeing essential offshore survey activities for the country’s inaugural large-scale offshore wind initiatives. This development is part of Greece’s broader strategy to enhance its renewable energy capabilities.
Set to become operational soon, the SPV’s creation is tied to specific reform milestones under Greece’s Recovery and Resilience Facility (RRF) program. Initial discussions regarding potential collaboration have included key stakeholders such as the electricity transmission system operator ADMIE and various financial institutions, indicating a collaborative approach to advancing these projects.
The SPV will be tasked with executing wind measurement campaigns and seabed mapping in designated marine areas earmarked for the initial phase of offshore wind development. Authorities are targeting an ambitious goal of approximately 1.9 GW of offshore wind capacity by the early years of the next decade, reflecting a significant commitment to renewable energy.
In addition to this effort, separate pilot projects totaling 600 MW are being developed near Alexandroupoli under a different framework. The new survey initiative will focus on maritime zones linked to an estimated 1.3 GW of future capacity, which includes regions near Evia, Gyaros Island, eastern Crete close to Sitia, and northeastern Rhodes.
Preparatory technical work has been ongoing, suggesting that data collection could commence shortly after the SPV is officially launched. The primary objective is to gather detailed information on wind resources and seabed conditions, which is crucial for progressing into more advanced stages of project development.
This initiative is advancing independently from the delayed approval process associated with Greece’s National Offshore Wind Development Program. Despite having resolved most regulatory and administrative hurdles years ago, Greek authorities are strategically leveraging the current slowdown in global offshore wind investments to expedite preparatory efforts.
By doing so, Greece aims to enhance its competitive position in the medium term, particularly as international financing conditions improve and floating offshore wind technology becomes more economically viable and scalable for commercial use.
