Plan Announced for Greece’s First Offshore Wind Farm
A new partnership between two leading Greek companies was unveiled announcing its plans for the first offshore wind farm in Greece. It is part of a plan rolled out by the Greek government in October 2024 that looks to expand its successful onshore program to floating wind farms.
The new company is a partnership between Terna Energy and a Greek conglomerate known as Motor Oil. The conglomerate highlights it already has more than 830 MW of renewable energy capacity while Terna reports it has been active in the sector for over two decades. It reports having the largest and most diversified portfolio of projects in Greece, with 2,500 MW in operation, under construction, and ready for construction. Terna Energy's installed capacity currently stands at 1,224 MW, while it has an investment plan aiming to approach a total installed capacity of 6 GW by 2029.
Terna in 2023 reported it secured permits to carry out the first exploration and survey work for two pilot offshore wind projects in the Thracian Sea. The company reported a potential capacity of 600 MW.
The joint venture between the companies reports that a site south of the city of Alexandroupolis was selected for the first offshore wind farm. It is located in northeast Greece near the border with Turkey and the entrance to the Sea of Marmara. The companies expect to develop a 400 MW wind farm to be completed by the end of 2030.
This development is in keeping with the draft strategy released in October 2024 by the Hellenic Hydrocarbons and Energy Resources Management Company. It outlined 25 areas consisting of more than 2,700 square kilometers (more than 667 thousand acres) which it said could provide a capacity of at least 12.4 GW. The first 10 sites were targeted for development between 2030 and 2032. The locations range from the Aegean to the Ionian, the Thracian Sea, and the Mediterranean. The plan highlights that most of the sites would be developed using floating technology and the government expects they will become available between 2025 and 2032.
Greece is anxious to expand its renewable energy capacity and has set an initial goal of 2 GW from offshore. This would be about one-tenth of its onshore capacity. In the past four years, Greece added 898 MW of onshore capacity from wind turbines. The Hellenic Wind Energy Association expects that the pace will accelerate in 2025 as projects are maturing and entering the construction phase.