RWE and Hellenic Petroleum join forces for offshore wind

5 July 2022

RWE and Hellenic Petroleum Holdings, through their respective subsidiaries RWE Renewables and HELPE Renewables, have joined forces to explore offshore wind opportunities in Greek waters. The terms of the 50-50 partnership were signed recently between the two companies, with the aim to collaborate on the development, construction and operation of offshore wind farms off the Greek coast. Greece currently has a target of 2 GW of offshore wind capacity in operation by 2030 – for both fixed-bottom and floating projects.

George Alexopoulos, a director of Hellenic Petroleum Holdings and CEO of HELPE Renewables stated: “The co-operation with RWE Renewables constitutes an important element in the implementation of our ‘Vision 2025’ strategic transformation process of the Group. In particular, this initiative is expected to make a significant contribution to the realisation of the Group’s strategic target of 2 GW of installed renewables capacity by 2030.”

Sven Utermöhlen, CEO Wind Offshore of RWE Renewables, commented: “The country’s excellent wind resource in combination with its long coastline result in a vast potential for offshore wind developments, which makes us confident that the Greek offshore wind industry will gain real momentum.”

RWE and Hellenic Petroleum believe they possess complementary strengths that will enable the establishment of a competitive industry for offshore wind in Greece. RWE can contribute its technical and commercial expertise gained from the realisation and operation of 18 offshore wind farms in five countries, and intends to grow its global offshore wind capacity by 2030 from 3GW currently to 8 GW. RWE is participating in multiple floating demo projects in Norway, Spain and the US, each based on different concepts. Its most advanced project is the TetraSpar Demonstrator project, which was commissioned off the Norwegian coast in 2021.

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