March 11, 2026
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Greece Fast-tracks Strategic Hydrocarbon Agreements with Chevron and HelleniQ Energy

The Hellenic Parliament is set to ratify a series of landmark energy concessions this week, signaling Greece’s most decisive move in decades to unlock the hydrocarbon potential of the Eastern Mediterranean. The legislation authorizes exploration and exploitation contracts for high-prospect offshore blocks located south of Crete and the Peloponnese.

Designated by government officials as a “national priority” for energy security, the bills cleared their final committee review early this week. A plenary vote is scheduled for Thursday, which would formally greenlight a partnership between the Greek state and a powerful consortium led by global major Chevron and national champion HelleniQ Energy.

A Strategic Buffer Against Volatility

During a briefing before the Production and Trade Committee, Minister of Environment and Energy Stavros Papastavrou framed the development of domestic resources as a critical sovereign endeavor. In an era defined by regional energy instability, Papastavrou characterized the initiative as a “national affair” essential for long-term strategic autonomy.

The contractual framework is structured to insulate the Greek taxpayer from financial exposure:

  • Zero Public Risk: Private consortiums will bear 100% of the capital expenditure during the high-risk exploration phase.

  • State Revenue Sharing: If commercially viable deposits are discovered, the state is positioned to retain the vast majority of the economic benefits.

  • Technical Sovereignty: The projects represent the culmination of a 12-year national effort to map and tender Greece’s maritime wealth.

Technical Optimism Meets Industry Caution

Aristophanes Stefatos, CEO of the Hellenic Hydrocarbons Management Company (HEREMA), underscored that the state incurs no expenditure if exploration fails, while Anastasios Vlassopoulos, representing the Chevron-HelleniQ partnership, assured lawmakers that state-of-the-art seismic evaluations would maximize the chances of a successful find.

However, the ambitious timeline has drawn some scrutiny from industry experts. Konstantinos Stambolis, Executive Director of the Institute of Energy for Southeast Europe (IENE), welcomed the legislation but noted a potential regulatory gap. Stambolis raised concerns regarding the absence of mandatory drilling timelines within the current text, suggesting that stricter windows for physical exploration would better ensure rapid development.

Regional Implications

The ratification comes at a pivotal moment for European energy policy. As the continent continues to diversify away from Russian gas, Greece is positioning itself as a vital energy gateway for the Balkan corridor. Success in these offshore blocks could transform Greece from a transit hub into a significant primary producer, fundamentally altering the energy architecture of South East Europe.

February 19, 2026
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Strategic Pivot: Greece Formalizes Offshore Exploration Agreements with Chevron and HELLENiQ Energy

Greece is signaling a decisive shift toward “energy realism” as the Ministry of Environment and Energy formalizes major concession agreements for hydrocarbon exploration. Minister Stavros Papastavrou announced the signing of deals with a consortium led by U.S. major Chevron (70%) and HELLENiQ Energy (30%), covering four offshore blocks.

The move is framed not just as an energy play, but as a pillar of national confidence. Minister Papastavrou emphasized that these agreements bolster Greece’s economic, energetic, and geopolitical standing, effectively positioning the nation as a potential natural gas producer for both domestic and European markets.

Geopolitics and the “New Era” of Energy

The government’s strategy aims to balance sustainable development with the country’s strategic advantages. This includes heavy investment in LNG terminals, cross-border interconnections, renewables, and grid digitalization. Notably, Greece has recently transitioned into a net electricity exporter for the first time in nearly 25 years.

The major pipeline projects in the area are the Trans-Adriatic Pipeline (red), the Trans- Anatolian Pipeline (orange) and the East Med pipeline (red arrows), this last currently under discussion.

The major pipeline projects in the area are the Trans-Adriatic Pipeline (red), the Trans- Anatolian Pipeline (orange) and the East Med pipeline (red arrows), this last currently under discussion.

Beyond the balance sheet, the entry of a global giant like Chevron carries significant geopolitical weight. Minister Papastavrou suggested that the partnership serves as a “de facto” counter-manoeuvre to the controversial maritime memorandum between Turkey and Libya, reinforcing Greece’s sovereignty and role in the Eastern Mediterranean.

Exploration Roadmap: Blocks and Timelines

The four lease agreements, which span a combined 47,000 square kilometers, are slated for parliamentary ratification next month.

  • Target Areas: The concessions include Lot A2 (bordering the South of Peloponnese block) and two blocks south of Crete (South of Crete 1 and 2).

  • Operational Schedule: Preliminary exploration activities are expected to commence in the second half of this year.

  • Deepwater Expertise: While monetizing deepwater resources remains capital-intensive, Chevron’s track record in technically challenging offshore environments is seen as a critical asset for the consortium.

Expanding the Footprint: Block 10 and Beyond

Industry insiders suggest the Chevron-HELLENiQ partnership may soon expand. Reports indicate the two companies are evaluating cooperation for Block 10 in the Gulf of Kyparissia. Currently held solely by HELLENiQ Energy, Block 10 borders Lot A2 and covers 2,400 square kilometers. Exploration drilling there is tentatively scheduled for the second quarter of 2028.

Greece’s offshore blocks

Greece’s offshore blocks

The strategy appears to favor the creation of large, unified exploration zones. By grouping these blocks, the consortium can manage the high costs and logistical complexities of deepwater extraction more efficiently.

Regional Upstream Activity

The broader Greek upstream sector is also gaining momentum:

  • ExxonMobil: Preparing for its first exploratory drilling in over 40 years, targeted for the first half of 2027.

  • Energean: Currently operating the Prinos, Prinos North, and Epsilon fields (Greece’s only active complex), the company is pivoting toward decarbonization. Its subsidiary, EnEarth, is progressing with plans to convert the Prinos field into a permanent carbon dioxide storage reservoir.

December 27, 2025
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OX2 completes 99 MW wind farm in Romania, starts building another – for clients

Sweden-based OX2 installed the last turbine at Nala Renewables’ Green Breeze wind farm in Romania as the contractor for its former project. Earlier it launched the construction of the Ansthall Green Energy facility of 96 MW for HELLENiQ Energy, under a similar arrangement. The company has also bought three wind power projects in Romania, totaling 235 MW.

OX2 Romania, a subsidiary of Swedish OX2, completed the last wind turbine at the Green Breeze facility of 99.2 MW. Construction started just over one year ago. The company sold the project last year to Nala Renewables, but stayed on as a contractor.

It was the first project in the country for OX2, which entered it four years ago. The facility is in Galați county in eastern Romania. The Sweden-based firm will also be tasked with operating the wind park, consisting of 16 Vestas V162-6.2 MW machines.

The forecasted annual output is 312 GWh. It is equivalent to the electricity consumption of 51,000 Romanian households.

Nala Renewables claimed that Green Breeze would lower carbon dioxide emissions by 150,000 tons per year, per the United Nations Climate Change IFI Default Grid Factors. IFI stands for international financial institutions.

Apple recently expressed interest in buying electricity from Green Breeze under a long-term virtual power purchase agreement or vPPA.

Project pipeline in Romania expands by 235 MW

Earlier this month, OX2 said it acquired three wind power projects in Romania totalling 235 MW from Future Power. The sites are in Vaslui and Vrancea counties. OX2 boosted its portfolio in the country to more than 1.1 GW with the transaction.

It expects to commission the three facilities between 2028 and 2030, subject to permitting. OX2 also continues to develop additional wind projects in regions with strong wind resources including Constanța, Brăila and Galați.

The company has nine onshore wind projects under­ construction in Romania, 195 MW overall, and 766 MW in development, as well as 150 MW in solar and battery storage projects.

OX2 breaks ground for Ansthall wind farm after selling it to HELLENiQ Energy in August

Within an arrangement similar to the one with Nala Renewables, OX2 started building the Ansthall Green Energy wind farm of 96 MW in November. It is located in Galaţi, in the communes Scânteiesti, Fârţăneşti, Cuca, Schela, Cuza-Vodă, Pechea, Rediu and Slobozia-Conachi.

The wind farm is set to feature 15 Vestas V162 turbines of 6.4 MW, the largest in Romania so far. Rezolv Energy is installing the same kind in its giant project Vifor in Buzău.

HELLENiQ Renewables Romania, operating under HELLENiQ Energy, acquired the project from OX2 in August. The Greek company expects to put the facility into operation in 2027.

Total annual output is estimated at 309 GWh, equivalent to the electricity needs of 89,000 domestic households.

Earlier, OX2 signed a 12-year virtual power purchase agreement (PPA) with Koninklijke Ahold Delhaize, for 158 GWh per year. The future offtaker operates supermarket chains.

Headquartered in Stockholm, OX2 is owned by EQT, one of the world’s largest private equity firms.

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November 17, 2025
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Project pipeline in Greece for CO2 capture, storage nearing EUR 4 billion

Carbon capture and storage projects worth as much as EUR 3.6 billion are under development in Greece. Energean’s subsidiary EnEarth has launched a tender for drilling two wells for the Prinos site under the Aegean Sea, while DESFA won a EUR 169 million EU grant for a carbon dioxide liquefaction unit.

Investors in Greece are counting on demand from the domestic industry for carbon capture and storage (CCS), so that it can remain competitive with regard to carbon dioxide emission costs. Euro2day calculated that the project pipeline is worth up to EUR 3.6 billion as the endeavors are clearing major milestones.

The time for drilling in Prinos is approaching. EnEarth, a subsidiary of Energean, is working on the establishment of the storage facility offshore Kavala. Earlier this month it launched a tender for drilling two wells.

The Prinos project is valued at EUR 1.2 billion

Works are scheduled to begin in the first half of next year. The project is worth EUR 1.2 billion, of which the firm secured EUR 270 million in funding from the European Union. It is waiting for environmental terms (AEPO) from the Ministry of Environment and Energy, as well as for the storage permit.

Notably, a draft law covering the sector is reportedly complete.

DESFA seeks contractor to drill two wells in Prinos

Another step ahead was achieved with a project for a pipeline that would transport CO2 from energy-intensive industrial facilities to a liquefaction system in Revithoussa. The endeavor is called ApolloCO2. Greece’s National Natural Gas System Operator (DESFA) won EUR 169.3 million through the European Union’s Innovation Fund for the terminal.

The system would include temporary storage and transport by ships to permanent storage. The budget amounts to EUR 700 million in the first phase, with another EUR 60 million envisaged for an expansion.

ApolloCO2 is in a group of 61 projects in the Innovation Fund’s latest round for net zero technology, worth EUR 2.9 billion in total.

DESFA is working on the investment with Ecolog, a subsidiary of GasLog.

EU funding three major carbon capture projects that would be connected with Prinos storage site

AppoloCO2 would bring CO2 from three capture facilities also funded by the EU. There is a possibility to involve overseas customers as well.

Cement maker Heracles, part of Holcim Group, is developing the Olympus project worth EUR 400 million in Milaki, Aliveri. Its competitor Titan has a EUR 584 million endeavor underway in Kamari, Boeotia (Viotia). It is called Ifestos.

DESFA has applied for EUR 30 million from Connecting Europe Facility for the CO2 pipeline

Motor Oil Hellas aims to install a unit in its Agioi Theodoroi oil refinery costing EUR 300 million to EUR 400 million. The project is called IRIS – Innovative low caRbon hydrogen and methanol productIon by large Scale carbon capture. It is for the construction and operation of a CCUS and e-methanol production system that would cut the refinery’s CO2 emissions by a quarter. CCUS stands for carbon capture, utilization and storage.

DESFA is seeking EUR 30 million from the EU’s Connecting Europe Facility (CEF) for a 35-kilometer CO2 pipeline. The first part would go from Ifestos and branch out to HELLENiQ Energy’s oil refinery in Elefsina (Eleusis). In subsequent phases, pipelines would reach Heracles’ Olympus, Metlen’s aluminum complex in Aspra Spitia, Thisvi in Boeotia (for GEK Terna’s Heron and HELLENiQ’s subsidiary Elpedison), and eventually Motor Oil’s IRIS.

As capacities grow, larger ships would be required to lower transportation costs. According to the article, three such vessels would cost EUR 240 million overall.

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October 15, 2025
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Apple signs PPAs in Greece, Romania as part of drive to green its devices’ consumption

As part of efforts to ensure that all electricity consumed by Apple devices is matched with green energy, the United States–based tech giant is facilitating 650 MW of renewables projects across Europe, including through power purchase agreements (PPA). By 2030, wind and solar power plants in Spain, Greece, Italy, Latvia, Poland, and Romania are expected to generate over 1 TWh of clean electricity on behalf of Apple users, the company said.

“By 2030, we want our users to know that all the energy it takes to charge their iPhone or power their Mac is matched with clean electricity,” said Lisa Jackson, Apple’s vice president of environment, policy, and social initiatives.

In Greece, Apple has signed a long-term PPA to procure power from a 110 MW solar project owned by HELLENiQ Energy. The plant, which is already fully operational, is located in Kozani in northern Greece.

Apple has signed a long-term power purchase agreement for a 110 MW solar plant in Greece

In Romania, the company plans to procure power from the 99 MW Green Breeze wind farm, located in Galați County, through a long-term virtual power purchase agreement (vPPA). The facility, which is scheduled to start operations in the first half of 2026, was initiated by Sweden-based OX2 and later sold to Nala Renewables.

In Italy, Apple is supporting the development of a 129 MW portfolio of solar and wind projects. The first of the facilities, a photovoltaic plant in Sicily, is expected to come online this month.

The project backed by Apple in Poland is for Econergy’s 40 MW solar array, which is expected to be operational later this year. In Latvia, the tech giant has signed one of the country’s first corporate PPAs. It will procure electricity from European Energy’s 110 MW solar power plant, set to be one of the largest in Latvia once completed.

The 131 MW Castaño solar farm in Spain came online earlier this year

The 131 MW Castaño solar farm in Segovia in Spain, operated by ib vogt, became operational earlier this year.

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August 13, 2025
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Bulgaria, Romania offer much higher renewable energy project returns than Greece – HELLENiQ Energy

The newly purchased wind and solar projects in Romania and Bulgaria will bring much higher returns than ones in the Greek market, claims George Alexopoulos, Deputy Chief Executive Officer of HELLENiQ Energy.

HELLENiQ Renewables Romania, operating under Greece-based HELLENiQ Energy, bought a wind project in Scânteiesti in Galaţi in eastern Romania, with a licensed capacity of 96 MW, and a wind project in the Vaslui region, with a licensed capacity of 186 MW.

In addition, HELLENiQ Energy completed the purchase of a photovoltaic project of 123 MW in Haskovo region in southern Bulgaria, which marks the company’s entry into the country.

The company is facing delays in the Greek renewables market

“We achieved deals on three new projects at a ready-to-build phase in Romania and Bulgaria, which are effectively consistent with our announced strategy and they allow us to have better visibility of the achievement of the interim target of 1.5 GW in operation in the next few years,” the company’s CEO Andreas Shiamishis stressed at the presentation of the financial results from the second quarter and first half of 2025.

Unfortunately, he added, when it comes to the Greek renewables market, the company is facing delays, primarily because of Greek connection terms clarity.

The three new projects are much less susceptible to future curtailment

In the view of George Alexopoulos, Deputy CEO and GM Group Strategic Planning & New Activities, the three said projects are much less susceptible to future curtailment. They also bring notably much higher financial returns than what the company is observing in the Greek market, he said.

Alexopoulos stressed the construction of one project in Romania is starting immediately and that the company expects all the assets to be operational by 2028.

“We expect returns of 10% to 12%, which is considerably higher than Greece, and capex of approximately EUR 0.5 billion, which will be financed on a project finance basis, for the most part,” Alexopoulos explained.

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August 12, 2025
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Wind power takes lead in new renewables investment wave in Romania

The rising number of maturing wind power projects and the ones under construction in Romania has highlighted the increasing role of the technology for the country’s energy transition. The recent updates are for three locations in the country’s east.

Investments in wind power in Romania are rebounding from a long lull. According to the International Renewable Energy Agency (IRENA), the country hosted nearly 3.1 GW in wind power capacity at the end of 2024. It achieved a peak of 3.24 GW a decade before. Investors are maturing an increasing number of projects or beginning construction, alongside significant acquisition activity.

Together with a wave of investments in battery storage, the wind power segment is making the domestic renewable energy market more balanced. It was dominated by photovoltaics for several years – primarily by the meteoric rise in the number of prosumers. Of note, there were 228,302 at the end of May, operating 2.73 GW in capacity.

New Minister of Energy Bogdan Ivan recently estimated that another 3.2 GW of solar and wind power combined would come online in Romania by the end of 2026.

Wind park of over 250 MW in Ialomița to be completed in 2027

The administration of Ialomița County in the country’s east announced that KKR, its subsidiary Greenvolt and Renovatio would build a wind park of more than 250 MW. It would consist of three power plants in the area around Țăndărei, Gheorghe Lazăr, Grivița and Ograda.

According to the regional authority, the Ialomița wind farm project east of Bucharest is worth more than EUR 400 million. Its completion is expected in 2027.

Greenvolt has won support for more than half of capacity in its Ialomița Nord wind power project at the government’s first wind and solar power auction, through a contract for difference (CfD). Total investment is for 246.4 MW.

Greek renewables giant to start construction of two wind power plants

HELLENiQ Renewables Romania, operating under Greece-based HELLENiQ Energy, acquired Ansthall Green Energy from OX2. The project firm owns a ready-to-build wind project in Scânteiesti in Galaţi in eastern Romania, with a licensed capacity of 96 MW.

The Greek parent company said construction is starting immediately through a deal with OX2 Construction. It expects to put the facility into operation in 2027.

It has a 12-year virtual power purchase agreement (PPA) with Koninklijke Ahold Delhaize, for 158 GWh per year. The company operates supermarket chains. Total annual output is estimated at 309 GWh.

HELLENiQ Energy revealed that it has bought two ready-to-build projects of 282 MW in total

HELLENiQ Energy’s Romanian company also signed a contract to take over Helios and Wind Energy, a special purpose vehicle owning a ready-to-build wind project in the nearby Vaslui region. The licensed capacity is 186 MW and there is an option to add a battery energy storage system (BESS). It would have 186 MW in operational power as well and a duration of one hour, translating to 186 MWh.

Regulators in Romania must approve the agreement before the transaction.

In addition, the company completed the purchase of a ready-to-build PV project of 123 MW in peak capacity. The location is in Haskovo region in southern Bulgaria, which marks HELLENiQ’s entry into the country. The solar power plant can include a BESS facility of 90 MW and 180 MWh.

The company previously known as Hellenic Petroleum (HELPE) intends to start the construction of two BESS in its home market. They would have 50 MW and 200 MWh altogether. The two endeavors in Florina were among the winners in the third auction for battery storage in Greece.

Turkish company, Romanian footbal star’s daughter advance joint project

The third recent update is for one of the biggest planned wind farms in Romania, also in the east. The location for the Dăeni project is in Tulcea county. It has received the grid connection approval from Transelectrica and an environmental permit from the National Environment Protection Agency (NEPA or, in Romanian, ANPM).

Project documentation for the wind power plant of 56 turbines of 7.2 MW each shows the facility should be commissioned by the end of 2031, Profit.ro reported. It translates to 403.2 MW in nominal capacity. Dăeni would have a connection to the transmission grid of over 394 MW.

Oxigen Delta is 50% owned by a subsidiary of Turkey-based Sanko Enerji

The developer is Oxigen Delta, in which 50% is owned by a subsidiary of Turkey-based Sanko Enerji, part of Sanko Holding. Milana-Maria Ilie, daughter of famous former Romanian football player Adrian Ilie, is among the main shareholders, the article adds. The investment was valued at some EUR 800 million last year.

Eximprod, which installed the first wind turbine in Romania more than two decades ago, has delivered the first megawatt-hours to the grid from its new wind farm in the country’s east. Rezolv secured a financing package for the second phase of its giant Vifor wind farm in Buzău county

Eurowind Energy built the turbines earlier this year at its Pecineaga wind park. Greece-based Public Power Corp. (PPC) is supposed to connect its Deleni facility to the grid before the end of the year.

OX2 is constructing the Green Breeze wind farm as the turnkey contractor for the investor, Nala Renewables.

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July 4, 2025
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HELLENiQ Energy buys ABO Energy Hellas, adding 1.5 GW in renewables projects

With the acquisition of ABO Energy Hellas, HELLENiQ Energy strengthened its project pipeline for renewables and energy storage by a third, to 6 GW.

Amid a consolidation in the renewables sector in Greece, HELLENiQ Energy Holdings said it completed, through its HELLENiQ Renewables subsidiary, the acquisition of ABO Energy Hellas. The transaction includes six affiliated entities with a portfolio of 22 renewable energy project clusters.

Total capacity under development in Greece amounts to 1.5 GW. ABO Energy Hellas, part of Germany-based ABO Energy, also brings its renewable energy project development and construction platform, according to the update. HELLENiQ Energy pointed out that the portfolio comprises all renewables technologies.

It includes 340 MW of photovoltaic projects under development, classified under priority category B, and 550 MW in projects for battery energy storage systems (BESS) eligible for participation in the process of obtaining priority connection terms.

At the end of March, HELLENiQ Energy operated renewable electricity plants of an overall 494 MW

With ABO Energy Hellas, the company expanded its renewables pipeline to more than 6 GW. It accelerates the strategic objective to achieve at least 2 GW of installed renewable energy capacity by 2030, it said.

Purchase price to grow if projects reach milestones

The two sides didn’t disclose the purchase price. If projects from the 1.5 gigawatt pipeline achieve certain milestones, additional consideration will become due, ABO Energy revealed.  “The sale of the Greek subsidiary improves our chances of success, reduces complexity of the ABO Energy group, and helps to further focus our business,” said Managing Director Karsten Schlageter.

Between 2019 and 2023, ABO Energy developed and sold five solar parks in Greece with a total capacity of more than 100 MW. The largest one is Margariti in Epirus, of 50 MW. The company connected four of them to the grid on a turnkey basis.

ABO Energy stressed it would remain active in Greece as a service provider and continue to provide commercial and technical management for the solar parks already built.

Photo: Margariti solar park (ABO Energy)

HELLENiQ Energy had almost 500 MW in operation at end of March alongside just as much in mature projects

HELLENiQ Energy, formerly Hellenic Petroleum, produces fossil fuels and petrochemicals and operates service stations. The company is rapidly expanding in the green energy segment as well. Notably, it won state support for its projects at Greece’s BESS auctions.

At the end of March, HELLENiQ Energy operated renewable electricity plants of 494 MW altogether. Photovoltaics made up 59%, while the rest was in wind turbines. At the time, the company had half a gigawatt under construction or in the ready-to-build stage.

It is about to complete the purchase of the remaining 50% of Elpedison, its joint venture in Greece with Italy-based Edison. They operate two gas-fired combined cycle power plants.

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April 6, 2025
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Greece awards 188.9 MW for subsidized battery storage in final auction

Greece’s third energy storage auction has been completed with nine projects selected.

It was the final auction where the state provides subsidies to build battery energy storage systems (BESS). A total of almost 800 MW in capability has been awarded through all three storage auctions.

In the latest bidding, nine projects with a four-hour storage duration have been selected for a total capacity of 188.9 MW.

HELLENiQ Energy and PPC are biggest winners

HELLENiQ Renewables and government-controlled Public Power Corp. (PPC) were the biggest winners, with two plants of 25 MW and one 50 MW plant, respectively. The rest of the list comprises Amber Energy (18 MW), Plain Solar (7.9 MW), Enercoplan (25 MW), Arkadia Storage (10 MW), Heliothema (10 MW) and Ardassa Energy (18 MW).

The facilities will be installed in the Western Macedonia region in northern Greece and in the municipalities of Megalopolis, Tripoli, Gortynia and Oichalia in the Peloponnese region. They are the country’s lignite regions, covered by the Just Transition Development Plan.

The investments will benefit from a public grant of EUR 200,000 per MW and they must now submit a letter of guarantee for EUR 35,000 per MW within the next three months.

Average price rises

As for the average price, it landed at EUR 52,589.16 per MW per year in the auction. The lowest offer was EUR 43,927 per MW, by HELLENiQ Renewables, while the highest was EUR 58,773 per MW, by Plain Solar.

The average prices in the first and second auctions were EUR 49,748 per MW and EUR 47,680 per MW.

It should be pointed out that from now on, new facilities in the sector will operate commercially and get income strictly from the market. The Ministry of Environment and Energy has already published a decree setting the rules for the installation of 4.7 GW of new battery systems until 2030.

Investors are getting ready for future auctions. They will submit their applications to the Regulatory Authority for Energy, Waste and Water (RAEWW or RAAEY). Only last month, applications in the segment reached almost 1.5 GW, showing an enormous interest.

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