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July 5, 2022

RWE and Hellenic Petroleum to develop offshore projects in Greece

The two companies partnered via their respective subsidiaries, RWE Renewables and HELPE Renewables.

German energy company RWE and Greece-based oil firm Hellenic Petroleum Holdings have agreed to jointly explore offshore wind opportunities in Greece.

The companies partnered via their respective subsidiaries, RWE Renewables and HELPE Renewables, to focus on the development, construction and operation of wind farms off the Greek coast.

The collaboration comes as Greece aims to have 2GW of operational offshore wind capacity by 2030.

RWE Renewables Wind Offshore CEO Sven Utermöhlen said: “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.

“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.

“Combined with RWE’s track record of more than 20 years in developing, constructing and operating offshore wind projects, we are well-placed to supply competitive green energy from offshore wind to the Greek market.”

The collaboration is expected to leverage the two companies’ strengths for developing offshore wind facilities.

RWE will share its technical and commercial expertise from developing and operating 18 offshore wind farms in five countries, while Hellenic Petroleum will contribute its knowledge of the Greek and regional energy markets.

Hellenic Petroleum Holdings Board of Directors executive member George Alexopoulos said: “The cooperation with RWE Renewables, a global leader in offshore wind, 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 2GW of installed renewables capacity by 2030.”

Last month, RWE selected Siemens Gamesa’s offshore wind turbines for its FEW Baltic II offshore wind project in Poland.

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