GREECE Trends and Developments Contributed by: Aris Papaspyridis, Virginia Kokios and Konstantinos Kounelis, AP Legal
risk-sharing and co-development between major domestic players; and • it also aligns with government plans to create a 600 MW pilot zone off Alexandroupoli – for which, PPC SA holds a separate 216 MW licence. Joint survey campaigns covering both licensed areas began in 2024 and are expected to conclude by 2026. The data on wind speeds, sea depths and seabed conditions collected in the process will inform envi- ronmental and technical permitting. The project’s construction is targeted for completion around 2030, but its strategic importance extends beyond a single site. By pooling resources and tech- nical expertise, the partnership demonstrates how strategic alliances may shape the early offshore wind landscape in Greece. The next milestone will be the first competitive off- shore wind tenders, expected around 2027. These tenders are anticipated to serve as the main trigger for M&A growth in the sector, prompting domestic and foreign developers to form alliances and compete for early market entry. However, the timing and magnitude of this growth depend heavily on the government’s ability to deliver key regulatory steps. Despite the adoption of Law 4964/2022, which pro- vides a clear framework for offshore wind develop- ment, implementation is progressing more gradually than anticipated – with the Joint Ministerial Decision approving the National Offshore Wind Development Programme still pending publication. The delay, reportedly linked to geopolitical and cost-related concerns, has created uncertainty over the tendering timeline. The anticipated resolution of these regulatory delays is expected to drive further M&A activity in the offshore wind sector. Hydrogen Greece’s hydrogen sector is entering a formative stage, marked by the introduction of a new regula- tory framework to outline the permitting process for hydrogen production and increasing investor interest. The enactment of Law 5215/2025 provides the first comprehensive framework for permitting and inte- gration of green and low-carbon hydrogen. The law
establishes a defined pathway to market through the Hydrogen Producer Certificate (HPC) and streamlin- ing key permitting steps. Furthermore, the legislation lays the foundation for infrastructure development and anticipates the introduction of investment or opera- tional support mechanisms to stimulate market par- ticipation. Policy support and pilot initiatives are now translat- ing into tangible projects. In 2025, the government launched a EUR7.87 million funding call for a green hydrogen combined heat and power (CHP) pilot project in Western Macedonia, a region undergo- ing transition away from lignite-based generation. An environmental terms approval ( apófasi égkrisis perivallontikón oron , or AEPO) has also been granted for a 100 MW hydrogen production unit in Amyntaio, powered entirely by renewables, designed to produce approximately 15,500 tonnes of green hydrogen annu- ally and inject it into the national gas grid. The project is being developed by Hellenic Hydrogen, a joint ven- ture between Motor Oil Hellas and PPC SA. At the same time, Motor Oil Hellas has commenced the permitting process for a 50 MW hydrogen produc- tion unit for its Corinth refinery site, signalling growing industrial demand and a shift towards decarbonising industrial operations. Collectively, these projects rep- resent the early foundations of a domestic hydrogen economy and highlight Greece’s ambition to position itself as a regional hub for renewable hydrogen pro- duction and export. As a result, cross-sector M&A is expected to intensify, as integrated units that combine renewable energy source (RES) production and elec- trolysis enhance flexibility and mitigate exposure to curtailment risks in the electricity market. Battery energy storage systems The operational pressures created by Greece’s rapidly expanding renewables have turned the BESS from a supporting technology into a strategic requirement. According to the NECP, Greece aims to install a total BESS capacity of 4.3 GW by 2030. In pursuit of achiev- ing this target, 900 MW of this total has already been allocated through tenders by the Regulatory Authority for Waste, Energy and Water ( Rythmistikí Archí Apov- líton Enérgeias kai Ydáton , or RAAEY). Furthermore, in March 2025, a new Ministerial Decision (ΥΠΕΝ/
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