First offshore wind farm in Greece to proceed

The Motor Oil Group and Terna Energy will jointly proceed with the development of Greece's first offshore wind farm.

As part of the deal, Motor Oil Group, through its subsidiary Motor Oil Renewable Energy (MORE), has completed the acquisition of a 50 per cent stake in Aioliki Provata Traianoupoleos (APT), a subsidiary of Terna Energy Group.

APT has the right to develop a pilot wind farm with a capacity of 400 MW in the sea area south of Alexandroupolis and north of Samothrace.

Scheduled for completion by the end of the decade, the project will be the first of its kind in Greece, and the first completed project as part of the country's National Offshore Wind Farm Development Program.

"[The project] will highlight the benefits of OWFs to the national and local economy, as well as the harmonious coexistence of OWFs with sectors such as shipping and tourism," Terna Energy said in a statement.