Executive Viability Abstract
This feasibility study evaluates the development of offshore floating wind energy infrastructure in Greece, specifically targeting deep-water areas in the Aegean and Ionian Seas. With Greece's national target of 1.9 GW of offshore wind by 2030 and its exceptional wind resources (exceeding 9m/s in many areas), the project demonstrates strong technical and economic potential. Despite high initial CAPEX associated with floating foundations, the high capacity factors and favorable EU regulatory support make this a high-viability strategic investment.
Return on Investment
14.5%
Payback Span
9.5 years
Net Present Value
€420 Million
IRR Index
13.2%
## Market Analysis
Greece is positioned to become a Mediterranean hub for renewable energy. The Greek National Climate and Energy Plan (NECP) mandates significant decarbonization. Current market trends show a shift from onshore to offshore due to space constraints and higher wind stability. Market demand is driven by the decommissioning of coal plants and the need for energy security. Competition is moderate but growing, with major energy players like TERNA, Masdar, and Iberdrola eyeing the Aegean shelf.
## Capex Summary
Initial capital expenditure is estimated at €3,200 per kW. For a 500MW pilot project, total CAPEX reaches €1.6 Billion. This includes:
1. Floating Platforms (40%)
2. Turbines (25%)
3. Subsea Cabling & Grid Connection (15%)
4. Installation & Port Logistics (10%)
5. Contingency (10%).
## Revenue Model
Revenue is generated via a dual-track approach:
1. Power Purchase Agreements (PPAs) with industrial consumers.
2. Feed-in Premiums (FiP) through state-backed auctions.
3. Sale of Guarantees of Origin (GOs).
4. Potential for Green Hydrogen integration in later phases.
## Financial Projections
Annual energy production is estimated at 2,100 GWh per 500MW installation, assuming a capacity factor of 48%. Total annual revenue is projected at €180M - €210M based on current market trends and contract floors.