GREECE Trends and Developments Contributed by: Aris Papaspyridis, Virginia Kokios and Konstantinos Kounelis, AP Legal
How Greece Has Emerged as a Regional Hub for Renewable Energy Investment Throughout 2025, Greece’s energy and infrastructure M&A market demonstrated resilience and sustained growth, supported by an active pipeline of renewable energy transactions and a maturing regulatory envi- ronment. The country’s rapidly expanding renewable energy sector and a favourable investment climate continue to attract international and domestic inves- tors. Despite ongoing challenges, the market continues to progress steadily, driven by strong political commit- ment and active stakeholder participation in shaping energy policy. This is clearly reflected in the National Energy and Climate Plan (NECP), which outlines ambi- tious targets, aiming for 43% of gross final energy consumption to be derived from renewable energy sources by 2030. These objectives are closely aligned with the EU’s decarbonisation framework and rein- force Greece’s growing role in the regional energy transition. As a result, Greece’s growing M&A activity is increas- ingly shifting towards renewable energy and decar- bonisation-focused investments. This trend is exem- plified by the major transformation of Greece’s leading energy groups. Public Power Corporation (PPC SA) is implementing a significant investment programme, focusing on renewable energy projects, energy stor- age systems, and the modernisation of distribution networks. PPC SA aims to achieve a fully low-emission generation portfolio, with installed renewable capacity reaching approximately 11.8 GW by 2027. Between 2025 and 2027, PPC plans to develop new renewable projects in Greece and across South-Eastern Europe with a combined capacity of 5.6 GW. Motor Oil Hellas continues to diversify beyond its con- ventional refining operations through “green” acqui- sitions, including full control of Anemos RES and a stake in Ellactor SA. HELLENiQ ENERGY is accelerating its expansion in renewables while, at the same time, reshaping its cor- porate portfolio by withdrawing from non-controlling and overlapping participations. The company is now fully integrating its activities across the energy value
chain, establishing itself as a vertically integrated energy provider with full control over its subsidiaries. Key recent steps include the acquisition of 100% of Elpedison, the divestment from DEPA Commercial, and the acquisition of 110 MW of photovoltaic (PV) projects in Kozani – reflecting a strategic commitment to clean-energy growth and operational autonomy. Expansion of Greece’s renewable energy M&A landscape, sector-by-sector To understand Greece’s emergence as a dynamic hub for renewable energy investment and technologi- cal innovation in South-Eastern Europe, this article explores the key sectoral trends shaping growth in Greece’s renewable energy market, beginning with a focus on: • solar PV – sustained expansion and strong invest- ment momentum, despite grid congestion and curtailments; • onshore wind energy – a mature and consolidated sector with active M&A activity; • offshore wind energy – an emerging market under development and a gradually evolving regulatory framework; • hydrogen – an early-stage but strategically impor- tant sector supported by a new regulatory frame- work and growing cross-sector investment poten- tial; and • battery energy storage system (BESS) projects – a critical enabler for renewable penetration, grid sta- bility, and future investment opportunities. Solar PV During the past 12 months, Greece’s solar (PV) sec- tor has maintained strong growth momentum, stead- ily reshaping the country’s renewable energy mix and solidifying its position as a central pillar of the nation- al decarbonisation strategy. Data from recent years shows a steady and rapid increase in both production and installed capacity from PV systems. Renewable generation increased by 1,003 GWh during the first eight months of 2025, reflecting the expanding role of PV in meeting the Greece’s electricity demand. The rise in renewable generation was largely driven by higher solar PV output. Notably, in September 2025, Greece achieved a remarkable milestone, with PV generation contributing 30.26% of total electric-
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