The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) is initiating the formation of a special purpose vehicle (SPV) aimed at managing critical offshore survey activities for the country’s inaugural large-scale offshore wind projects. This move is part of Greece’s broader strategy to enhance its renewable energy capabilities as it seeks to expand its energy portfolio.
Set to become operational soon, the new SPV’s establishment is tied to milestones outlined in Greece’s Recovery and Resilience Facility (RRF) program. Initial discussions regarding potential partnerships have engaged key players, including the electricity transmission system operator ADMIE and various financial institutions, indicating a collaborative approach to advancing offshore wind development.
This SPV will oversee essential tasks such as wind measurement campaigns and seabed mapping within designated marine zones that are earmarked for the first phase of Greece’s offshore wind initiatives. The country aims to achieve approximately 1.9 GW of offshore wind capacity by the early years of the next decade, marking a significant step forward in its renewable energy ambitions.
In addition to the 600 MW pilot offshore wind projects located near Alexandroupoli, which follow a separate development framework, this new survey initiative will target areas linked to an estimated 1.3 GW of future capacity. Key locations for these projects include maritime regions around Evia, Gyaros Island, eastern Crete near Sitia, and northeastern Rhodes.
<pPreparatory technical work has been ongoing, suggesting that data collection efforts could commence shortly after the SPV is officially operational. The primary objective is to acquire high-resolution data on both wind resources and seabed conditions prior to advancing into more complex stages of project development.
This initiative operates independently from the delayed approval process associated with Greece’s broader National Offshore Wind Development Program, despite most regulatory hurdles being cleared in previous years. Greek authorities appear poised to leverage the current lull in global offshore wind investment activity by expediting preparatory efforts ahead of potential market recovery.
Ultimately, this strategic approach aims to enhance Greece’s competitive positioning in the medium term, particularly as international financing conditions are expected to improve and floating offshore wind technology becomes increasingly viable and economically scalable.
