The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) is rapidly advancing plans to establish a dedicated special purpose vehicle (SPV) that will manage key offshore survey activities for Greece’s first large-scale offshore wind projects, as the country accelerates its long-term renewable energy expansion strategy.
The new SPV is expected to become operational in the near term, with its formation linked to reform milestones under Greece’s Recovery and Resilience Facility (RRF) program. Early discussions regarding participation in the structure have already included potential partners such as the electricity transmission system operator ADMIE and several financial institutions.
This entity will be responsible for conducting wind measurement campaigns and seabed mapping across marine zones selected for the initial phase of Greece’s offshore wind development. Authorities are targeting approximately 1.9 GW of offshore wind capacity in the early years of the next decade.
Separate from the 600 MW pilot offshore wind projects near Alexandroupoli, which are being developed under a distinct framework, the new survey program will focus on offshore areas associated with roughly 1.3 GW of future capacity. These zones include maritime regions near Evia, the island of Gyaros, eastern Crete near Sitia, and northeastern Rhodes.
Preparatory technical work has already been underway for some time, meaning that data collection activities could begin shortly after the SPV is officially established. The goal is to gather high-resolution data on wind resources and seabed conditions before projects progress into advanced development stages.
The initiative is now proceeding independently of the delayed approval process for Greece’s broader National Offshore Wind Development Program, even though most regulatory and administrative barriers were resolved years earlier. Greek authorities are reportedly aiming to capitalize on the current slowdown in global offshore wind investment activity by accelerating preparatory work in advance.
This strategy is intended to position Greece more competitively in the medium term, particularly once international financing conditions improve and floating offshore wind technology becomes more cost-effective and commercially scalable.
