DEME Eyes Building Offshore Wind Farms in Greece, Partners with Recently Established Greek Developer

December 7, 2023, by Adrijana Buljan

Belgium-headquartered offshore wind contractor DEME and Greek renewable energy developer FARIA Renewables have signed a cooperation agreement that could see the two companies jointly developing offshore wind farms in Greece.

FARIA Renewables, established this summer, aims to have an offshore wind and green hydrogen portfolio of at least 5 GW, an international target the new company plans to reach through strategic partnerships.

The Greek company was set up in July 2023 by FARIA Group, an established Greek renewable energy developer, and Capenergie 5, the fifth generation of the renewable energy fund by OMNES, a private equity firm dedicated to energy transition and innovation.

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According to a press release from July, FARIA Renewables’ ambition is to become a leading Independent Power Producer (IPP) in the Greek renewable energy market, as well as abroad.

Under the agreement with DEME, FARIA Renewables and its Belgian partner will explore opportunities and co-develop offshore wind farms in Greece, starting with assessing the country’s maritime area and identifying optimal sites for offshore wind farm development.

The partners will conduct in-depth research and exploration, engaging with stakeholders and local communities. Simultaneously, they will support and create synergies with the domestic supply chain, ultimately developing successful and competitive projects, DEME said in a press release on 7 December.

“We are confident that this partnership will leverage the capabilities and experience of both companies, working together towards a sustainable and greener future,” said Thalia Valkouma, President and Chief Executive Officer at FARIA Renewables. “Our involvement in the development of offshore wind projects is now taking a significant step forward, and we are excited to contribute to the mid- and long-term expansion of the offshore wind sector in our country, helping Greece achieve its goals and transforming into a major energy producer and exporter.”

In October, the Greek government issued the draft National Offshore Wind Farms Development Programme, overseen by the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), which includes 25 proposed offshore areas, the majority of which are suitable for floating wind technology.

The programme defines the eligible Organized Development Areas (ODA) and estimates the capacity of offshore wind projects that can be developed in the mid-term (up to 2030-2032) and long-term (after 2030-2032).

By 2030-2032, the programme qualifies ten eligible areas for development, with a total capacity of approximately 4.9 GW, mainly for floating projects.

In the long term, the minimum capacity of offshore wind that would be developed across all areas is estimated at 12.4 GW.