HEREMA sets up new SPV to speed offshore wind surveys in Greece as early capacity targets near

Greece is trying to convert a pause in global offshore wind investment into a head start on project readiness. The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) is advancing plans to establish a dedicated special purpose vehicle (SPV) that will oversee key offshore survey activities for the country’s first large-scale development.

SPV linked to Recovery and Resilience Facility milestones

The new SPV is expected to become operational in the near term. Its formation is tied to reform milestones under Greece’s Recovery and Resilience Facility (RRF) program, with early discussions around participation already including potential partners such as the electricity transmission system operator ADMIE and several financial institutions.

Survey work aimed at early offshore capacity build-out

The SPV will be responsible for conducting wind measurement campaigns and seabed mapping in marine zones selected for the initial phase of Greece’s offshore wind expansion. Authorities are targeting around 1.9 GW of offshore wind capacity in the early years of the next decade.

That survey program is separate from a 600 MW pilot set of offshore wind projects near Alexandroupoli, which are being developed under a different framework. The new effort will instead focus on offshore areas associated with roughly 1.3 GW of future capacity, including maritime regions near Evia, the island of Gyaros, eastern Crete near Sitia, and northeastern Rhodes.

Data collection could begin quickly after establishment

Preparatory technical work has already been underway for some time. That means data collection activities could begin shortly after the SPV is officially established, with the objective of gathering high-resolution information on wind resources and seabed conditions before projects move into more advanced development stages.

Proceeding despite delay in broader national program approval

The initiative is moving forward independently of the delayed approval process for Greece’s broader National Offshore Wind Development Program. While most regulatory and administrative barriers were reportedly resolved years earlier, Greek authorities are seeking to use current slowdown conditions in global offshore wind investment as leverage—accelerating preparatory work ahead of an eventual market rebound.

The strategy is designed to improve Greece’s medium-term competitiveness, particularly when international financing conditions improve and floating offshore wind technology becomes more cost-effective and commercially scalable.