GREECE Trends and Developments Contributed by: Aris Papaspyridis, Virginia Kokios and Konstantinos Kounelis, AP Legal
ity output. Despite this impressive growth, integrating solar PV into the grid presents substantial challenges. The most pressing challenge concerns the growing congestion in Greece’s electricity grid, as the rapid expansion of renewable generation capacity has out- paced the grid’s ability to integrate and distribute the additional output efficiently. Curtailments reached worrying levels in 2025, with 1,616 GWh – represent- ing 8.1% of the total renewable generation – rejected in the first eight months alone. This underscores the urgent need to strengthen transmission infrastructure and accelerate the deployment of energy storage sys- tems to ensure that renewable production can be fully utilised. Aforementioned curtailments and grid congestion directly undermine investor profitability by reducing output and, consequently, revenues. The resulting downward pressure on market prices makes new developments less economically attractive and height- ens investor concerns regarding the long-term viability of future projects. Despite the challenges arising from an increasingly sophisticated market, these develop- ments are accelerating demand for storage solutions and flexible infrastructure, which will be essential to sustain the next phase of solar PV growth. Onshore wind Interest in onshore wind projects in Greece is surg- ing. Greece’s onshore wind sector remains one of the most mature and strategically important segments of the country’s renewable energy market. According to data published by the Hellenic Wind Energy Associa- tion (HWEA), total grid-connected wind capacity sur- passed 5.5 GW as of June 2025. During the first half of 2025 alone, 37 new wind turbines with a combined capacity of 152.2 MW were connected to the grid, representing investments of approximately EUR180 million. These figures confirm that, even though capacity additions have slowed compared to the rapid expansion of solar PV, the sector continues to attract substantial investor interest and plays a central role in the country’s decarbonisation strategy. The most significant transaction of the past 12 months – and a defining moment for Greece’s renewable M&A landscape – was the completion of UAE-based renew-
able energy company Masdar’s acquisition of Terna Energy in April 2025. Masdar first acquired a 70% stake in Terna Energy in late 2024, giving the company a total valuation of approximately EUR3.2 billion, and completed the purchase of the remaining 30% in April 2025. Through this transaction, Masdar made a major entry into Greece’s renewable energy market, acquir- ing the country’s largest wind power operator. Accord- ing to the HWEA, Terna Energy controls around 18.8% (1,034 MW) of Greece’s total onshore wind capacity. Other noteworthy transactions in 2025 further demon- strate the sector’s ongoing reforms, as follows. • Faria Renewables SA acquired two operating onshore wind projects in Greece, with a combined capacity of 30.8 MW. • EDP Renewables (EDPR) completed the sale of a 150 MW portfolio of four operating onshore wind farms to Principia SA, a joint venture between Enel SpA and Macquarie Asset Management. Together, these M&A highlight increasing market matu- rity and portfolio realignment among major developers While Greece’s offshore wind market is still in its early stages, 2025 marked a pivotal year for positioning and partnership formation. Although there were no completed offshore wind M&A transactions during the year, a landmark joint venture demonstrated the beginning of structural consolidation and strategic alignment in this nascent field. In January 2025, Terna Energy and Motor Oil Renew- able Energy (MORE) announced a partnership for the joint development of Greece’s first offshore wind farm – a 400 MW pilot project in the Thracian Sea, between Alexandroupoli and Samothrace. Under the agree- ment, MORE acquired a 50% stake in Aioliki Provata Traianoupoleos, a Terna Energy subsidiary holding the development licence for the site. The joint venture is strategically significant because: • it represents the first equity partnership in Greece’s offshore wind sector, establishing a template for and investors. Offshore wind
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