Shell interested in offshore wind farms in Greece

Shell had started operating in the offshore wind sector in 2000 by participating in the consortium that installed Britain’s first marine wind turbine. The Dutch, who had left their activities in Greece in 2018, are returning, this time focusing on the Aegean airs.

In recent times, meetings with Greek companies active in the field of Renewable Energy Sources (RES) have been growing, seeking partnerships for the development of offshore wind farms, without, however, ruling out partnerships for the joint development of RES projects or opportunities for the acquisition of licensed mature land projects on the mainland or islands.

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In any case, market sources say, their focus is on offshore wind projects. After all, the international oil giant has long begun to gradually shift its investment plans towards RES, given that it has set a target of zero emissions by 2050. Also in 2020 it agreed a 15-year partnership with British SSE Renewables and Norwegian Equinox to take a 20% stake in the world’s largest wind farm, the 3.6 GW Dogger Bank.

Shell’s interest in Greece, it seems, has rebounded. The multinational, which participated through SHELL GAS B.V. in the share capital of “Natural Gas” (formerly PSC of Attica) and the Gas Distribution Company (EDA) of Attica had left the Greek market in 2018, selling its stake (49%) to the two companies, for EUR 150 million. The amount of the aid was EUR 1 million. It was preceded in 2010 by the sale to Motor Oil of its activities in the marketing of fuel as well as service stations. However, Shell appeared again as one of the contenders of DEPA Marketing, while lately it has been throwing … anchors and for the development of marine wind turbines in the Aegean.

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With the winds of the Aegean also “flirting” many foreign groups such as Equinor, Danish Copenhagen Offshore Partners, Spanish Iberdrola, Iderol, Innogy and American Principal Power, Quantum and BlueFloat. But also domestic “players” are ready to fight, such as PPC Renewables, Kopeluzou Group, Mytilineos (is in advanced discussions with a large foreign group in the sector), Motor Oil, ELPE, ENTEKA etc.

Moreover, the high cost of the investment is constantly decreasing, with the advisory firm Navigant predicting that the weighted energy costs from floating wind turbines in the Aegean will be EUR 76/MWh in 2030 and reduced to EUR 46/MWh in 2050. The same study carried out on behalf of the EU estimates the available marine potential for floating wind turbines in Greece at 263 GW.

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