'Vast potential' | RWE and Hellenic Petroleum link to join Greek offshore wind dash
German power generator and Greek oil firm form 50/50 partnership to explore waters off Mediterranean country that targets 2GW of wind at sea by 2030
The renewables units of RWE and Hellenic Petroleum (HELPE Renewables) have teamed up to jointly explore offshore wind opportunities in Greece, joining a growing queue of developers targeting the nation's waters.
The two companies have recently signed a 50/50 partnership aiming at the development, construction and operation of offshore wind farms off the Greek coast – in light of the Mediterranean country’s 2GW target for wind at sea by 2030.
“The country’s excellent wind resource in combination with its long coast line result in a vast potential for offshore wind developments, which makes us confident that the Greek industry will gain real momentum,” said Sven Utermöhlen, chief executive for offshore wind at RWE Renewables.
“The complementary nature of our partnership with Hellenic Petroleum is the key to developing a value proposition that accelerates the offshore wind build-out off the Greek coast.
“Hellenic Petroleum is deeply rooted locally and shares our ambition to drive the growth of offshore wind.”
Greece so far has no turbines in the water, but onshore wind installations have picked up in recent years, reaching a cumulated capacity of 4.45GW, which was able to meet 18% of the country’s electricity needs last year, according to WindEurope.
Wind speeds at sea often exceed 8 to 10 metres per second, especially in the Aegean Sea islands, according to a report by Norton Rose Fulbright.
Several key players are lining up for what could become a promising market primarily for floating wind due to the country’s deep waters.
George Alexopoulos, CEO of HELPE Renewables said the cooperation with RWE constitutes an important element in his company’s strategic transformation process.
“In particular, this initiative is expected to make a significant contribution to the realisation of the group’s strategic target of 2GW of installed renewables capacity by 2030,” Alexopoulos said.
“We believe that our country has excellent potential for the development of a thriving offshore wind sector and we aim, together with our partner RWE, to lead this effort.”
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