Greek Conglomerate and CIP to Jointly Develop Wind Farms Offshore Greece

Greece-based industrial conglomerate MYTILINEOS has signed an agreement with Copenhagen Infrastructrure Partners (CIP) to jointly develop wind farms offshore Greece.

MYTILINEOS entered the agreement through its Power & Gas Business Unit – Protergia, and CIP on behalf of its fund CI New Markets Fund I, for a joint cooperation (CIP 60 per cent / MYTILINEOS 40 per cent) on the development of offshore wind projects in Greece.

Both companies will contribute to this cooperation, in order to identify appropriate sites and co-develop and co-invest in offshore wind projects, by combining resources and expertise, MYTILINEOS said.

The principal developer for all the projects to be developed under the CIP-MYTILINEOS cooperation is Copenhagen Offshore Partners (COP).

COP works closely with Copenhagen Infrastructure Partners and has been leading the development of numerous offshore wind projects in Germany, UK, Taiwan, USA, Australia, Japan, Korea, Vietnam, and elsewhere since 2015.

”We are proud to collaborate with world leaders in offshore wind projects and we are looking forward to a fruitful cooperation that will enhance both the energy strategy of MYTILINEOS and Greece’s energy transition,” General Manager of the Power & Gas Business Unit at MYTILINEOS, Dinos Benroubi, said.

Offshore wind is expected to be the largest source of electricity in the European Union by 2040. In order for Greece to achieve its national targets, there is an obvious need for a timely and effective legal and regulatory framework, MYTILINEOS said.

”CIP is pleased to join forces with MYTILINEOS exploring a new offshore wind market. It will be a floating offshore wind dominated market, and we look forward to bring our global experience and working with MYTILINEOS and local partners to develop good projects in Greece,” CIP Partner Michael Hannibal, said.

MYTILINEOS is active in Metallurgy, Power & Gas, Renewables & Storage and Sustainable Engineering Solutions. Established in Greece in 1990, the company is listed on the Athens Exchange, has a consolidated turnover of EUR 1.9 billion and employs directly or indirectly more than 3,850 people in Greece and abroad.