Hexicon Power SA is a joint venture between the listed Swedish company Hexicon AB, a leader in floating offshore wind which recently joined the Stockholm Stock Exchange, and the investment company EAMAA. Hexicon Power SA aims to develop floating offshore wind projects off the coast of Greece. It is a Greek-Swedish cleantech company that develops wind power projects in deep waters. With Hexicon’s patented technology, TwinWind, which consists of a floating foundation with two turbines that enables more turbines per sea area, increases the energy yield and reduces the environmental impact, we can strongly support Greece’s energy transition towards a clean and sustainable future.
With a continuously expanding energy grid and rising energy demand, Greece has become an increasingly important market for global renewable energy development. In line with the country’s overall economic recovery strategy, Greece now seeks to promote offshore wind parks to reduce its traditional reliance on fossil fuels and increase its share of clean energy sources. The government has made green energy one of its top priorities by implementing a new national plan and setting some of the most ambitious goals in the EU, such as generating 60% of its electricity mix from renewable sources by 2030.
Greece has multiple advantages for the development of offshore wind parks. The country has strong offshore wind resources in multiple sea areas. According to estimates Greece has the highest offshore wind potential in the Mediterranean region, with 98% of wind potential being identified as floating offshore wind. Moreover, Greek seas are mostly deep waters and 80% of the best wind resources are located in deep waters unreachable to bottom fixed technology. Deep waters give better capacity factors due to higher and more consistent wind speeds. Furthermore, floating platforms produce less public discontent because turbines are located further from the shore and out of people’s sight. Greece is set to receive more than €10bn from the European Recovery Fund to support its climate objectives, and the Greek government has displayed a strong will and determination to proceed with its clean energy transition. Last, but most important, floating offshore parks are some of the friendliest sources of renewable energy to the environment.