RWE, Hellenic Petroleum form Greek offshore wind alliance

German energy major RWE AG (ETR:RWE) and Greece’s Hellenic Petroleum Holdings (FRA:HLPN) have teamed up to explore opportunities to jointly develop offshore wind farms in Greek waters.

The companies have set up a 50:50 partnership through their respective green energy subsidiaries, RWE Renewables GmbH and HELPE Renewables SA. Under the plan, they will work on projects involving the construction and operation of offshore wind parks off the Greek coastline, RWE said on Monday.

The partners will bet on Hellenic Petroleum’s experience within the Greek energy sector and RWE's technical and commercial know-how in the offshore wind field. Their collaboration will seek to support Greece’s goal of installing 2 GW of offshore turbine capacity by 2030.

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

HELPE Renewables owns close to 300 MW in operation, mostly solar, and also has over 2 GW of wind and solar projects under development. In Greece, RWE has so far only been active in the solar market.

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