Aiming to exploit the untapped wind potential of its seas, Greece has launched an ambitious offshore wind development plan that will bolster the country’s energy security and help it become a major power exporter to the region in the near future.

The draft plan lays out 25 offshore plots for development in the Aegean, Ionian and Mediterranean seas covering a total area of 2,712 sq km and with an estimated power-generating capacity of 12.4 GW. The plots will be developed in two phases but with the goal of at least 2 GW of offshore wind energy capacity by 2030. In addition to releasing its draft plan, the Greek government has also proceeded with issuing the first two licenses for pilot projects in the north Aegean.

“Greece has an extremely strong offshore potential, mainly thanks to its climate and its strategic position on Europe’s energy map,” said Minister of Environment and Energy Theodoros Skylakakis. “The development of offshore wind farms will contribute, first and foremost, to ensuring our energy autonomy, but also to achieving the ambitious target of 12 GW by 2040-2045, making Greece a major green energy exporting country.”

In the past few years, Greece has ramped up renewable energy sources, which now account for more than 50% of the country’s power generation and is helping Greece export electricity to its neighbors in Southeast Europe. Combined with the development of its cross-border interconnections, Greece is emerging as an energy hub in the region.

In July 2022, parliament approved the country’s first law for offshore wind development, spurring interest from foreign investors. Among them: Norwegian energy giant Equinor has said it wants to invest in Greek offshore wind facilities while other major players, like Copenhagen Offshore Partners from Denmark, have entered into agreements with local companies for the joint development of offshore wind farms in Greece.

In a recent survey by consultancy EY, Greece was named as one of the world’s most dynamic investment destinations for renewable energy – and even the world’s top destination – as the government continues to rapidly promote the country’s clean energy transition.