Corio Enters Greek Offshore Wind Market, Partners with Globalsat

Business & Finance

November 2, 2023, by Adrijana Buljan

Corio Generation and Greek technology company Globalsat have signed a memorandum of understanding (MOU) to explore opportunities for offshore wind development in Greece.

According to Corio, the partnership combines its expertise in auction preparation and project development with Globalsat’s deep knowledge of Greek regulatory and economic framework.

Under the agreement, the companies will work together to assess potential areas for the development of offshore wind farms and tender opportunities with a view to bidding for development rights.

“Globalsat is an ideal partner for us in Greece, with its own track record of highly successful commercial activities, an impressive understanding of the energy and regulatory factors relevant to this market, and a commitment to technological innovation that supports the transition to a greener, low carbon future,” said Guillermo Martinez-Navas, Head of Americas, New Markets & Portfolio Strategy at Corio.

Corio says that the opportunity for offshore wind development in Greek waters is expected to increase in the coming years. The company also highlighted the just-announced ambition of the Greek government to deliver at least 4.9 GW of offshore wind energy capacity by 2030-32 as part of its National Energy and Climate Plan (NECP).

The plan includes 25 areas with an estimated minimum capacity of 12.4 GW and qualifies ten eligible areas for development by 2030-2032, with a total capacity of approximately 4.9 GW, mainly for floating wind projects.

Corio says its partnership with Globalsat exemplifies the two partners’ commitment to accelerating the development of offshore wind projects in Greece.

Vasilis Papadopoulos, CEO of Globalsat Group, said: “Together with Corio Generation, we will be embarking on an ambitious mission to develop offshore wind projects that will not only harness the incredible power of wind but also push the boundaries of innovation and sustainable energy solutions. These projects will not only enhance our energy portfolio but also create economic opportunities and jobs in the communities where we operate.”