Greek multinational energy group Motor Oil and Terna Energy join forces to develop the first offshore wind park in Greece. Motor Oil is under the leadership of the Greek billionaire shipping magnate Yannis V. Vardinoyannis who has been appointed chairman of the board in November 2024 after the death of the oil and shipping businessman, Vardis Vardinogiannis, who left his mark on the economic and social life of the country.
The procedures for the participation of the Motor Oil Group, through its subsidiary Motor Oil Renewable Energy, with a 50% stake in the share capital of “Aioliki Provata Traianoupoleos”, a subsidiary of the Terna Energy Group, have been completed.
“Aioliki Provata Traianoupoleos” has the right to develop a pilot offshore wind farm with a capacity of 400 MW, in the sea area south of Alexandroupolis and north of Samothrace.
This groundbreaking project, set to be completed by the end of the current decade, will be the first of its kind in Greece, contributing substantially to the successful implementation of the National Offshore Wind Development Program.
It is expected to demonstrate the significant benefits of offshore wind for both the national and local economy, while showcasing its compatibility with sectors such as shipping and tourism.
Motor Oil is a Greek, multinational energy group of more than 100 companies, founded in 1972.
The chairman of the board, Yannis V. Vardinoyannis, has been involved in a wide array of entrepreneurial endeavours in Greece and abroad in various sectors such as upstream, shipping, real estate, banking and traveler accommodation.
His family has spread its net worldwide with the control of numerous successful companies in a variety of sectors. The interests include petroleum, shipping, banking, media, and others.
Under the leadership of Vardis Vardinogiannis, who passed away on November 12, 2024, the family expanded its business into a wide range of activities, always having as its flagship the Motor Oil in Corinth, Greece.
