Greece has set a national target of 2.35 gigawatts (GW) of offshore wind capacity, according to a new decision by the Ministry of Environment and Energy (YPEM). The decision not only establishes this overall goal but also specifies how the capacity will be allocated across different maritime zones — including the Aegean, Ionian, and Thrace Seas — and outlines how these projects will connect to the national electricity transmission grid operated by IPTO (Independent Power Transmission Operator, or ADMIE).
Exceeding Climate and Energy Targets
This 2.35 GW target surpasses the 1.9–2 GW range outlined in Greece’s National Energy and Climate Plan (NECP) for 2030. However, the YPEM decision does not include a firm timeline for project completion.
Auction Framework and Revenue Mechanism
Earlier this year, YPEM also published the regulatory framework governing tenders for offshore wind projects. Interested investors will compete for Contracts for Difference (CfDs), mirroring the support mechanism used for onshore wind and solar photovoltaic projects. Under this model, developers receive a reference price for electricity generated. If wholesale market prices exceed that reference, they repay the difference to the state; if market prices fall short, the state compensates the shortfall.
Special Case: Thrace Sea Pilot Projects
An exception applies to the 600 MW pilot offshore wind initiative in the Thracian Sea, which will operate under a fixed tariff per megawatt — rather than a CfD-based system.
New SPV Launched for Technical Studies
In late June, the public agency EDEYEP (Hellenic Agency for Development and Utilization of Renewable Energy Sources) established a special-purpose vehicle (SPV) tasked with conducting essential wind resource assessments and seabed surveys for upcoming offshore wind developments. Its creation marked a key milestone under Greece’s Recovery and Resilience Facility (RRF) plan — a commitment that has now been fulfilled.
Next steps include finalizing the SPV’s shareholder structure. Reports indicate interest from Greek banks, IPTO (ADMIE), and industrial groups. The company must gradually build its financial and technical capacity to deliver these foundational studies and advance the broader national offshore wind agenda.