Terna Energy, part of the Gek Terna Group, reported a 10% increase in total revenue and a hike of 8.3% in adjusted operating profitability for 2023, a result of greater installed power from its wind park network in the southeast corner of Evia Island (Kafireas district), the biggest such project in Greece, with total power of 327MW.

Indicatively, in 4Q 2023, the first trimester in which the Kafireas network was fully online, revenues and adjusted operating profitability posted an increase of 16% and 41.2%, respectively, with the corresponding quarter of 2022.

In tandem with lower administrative expenditures, Terna Energy net profits per share increased by 0.51 euros, compared to 0.17 euros in 2022.

Installed power reported by the Group increased to 1,224 MW at the end of 2023, up from 906 MW at the end of 2022, following the completion of construction at the Kafireas project.

Greece’s Environment and Energy Ministry is expected to finalize a bill this month that paves the way for the construction of floating wind farms across the country.

Greece hopes to pass legislation in parliament in the coming period in order to announce tenders for pilot projects in 2026. Investors are already expressing interest.

The Greek government is aiming to deliver at least 2 GW of offshore wind energy capacity by 2030 as part its National Energy and Climate Plan.