Greece announced plans for its inaugural offshore wind farms, designating key areas for private development in a draft plan unveiled by the country's conservative government on Tuesday.

The company has made the difficult decision to discontinue work on its U.S. offshore wind projects Ocean Wind 1 and 2.

With more than 5,600 members from households and businesses across Scotland, England, and Wales holding partial ownership, the wind farm is expected to generate affordable, renewable energy upon its completion in early 2024.

Germany, leading the charge, is expected to achieve a record high in total solar PV capacity, while other emerging markets like Poland and the Netherlands are also experiencing considerable growth, predominantly due to the increasing popularity of rooftop installations.

The wind turbine disaster has overshadowed the company's profitable businesses, triggering significant investor unease and reflecting broader challenges in the German industrial landscape amid the green energy transition.

The initiative is part of TenneT's comprehensive effort to promote ecosystem well-being alongside the development of offshore wind energy infrastructure.

Despite Europe's significant role in the wind power industry, the region's turbine producers have been grappling with operational losses, necessitating intervention to ensure the industry's sustained growth.

The contract is valued within the substantial range of USD 150 million to USD 300 million, according to Subsea 7.

This development comes as the industry grapples with mounting challenges due to escalating costs.

Notwithstanding the challenges faced by the sector, the fund continues to express interest in securing direct stakes in renewable energy projects, a relatively recent investment strategy initiated in 2020.