DEPA, the natural gas supply company of Greece, has entered into a significant partnership with Israeli firm Clavenia Ltd. to develop a new natural gas-fired power plant in Larissa.
This strategic investment, named LARISSA THERMOELICI S.A., represents one of Greece’s largest energy ventures, valued at 600 million euros.
The project involves constructing a state-of-the-art natural gas-fired power plant with a net capacity of 792 MW. Construction is scheduled to commence in early 2026, with operations expected to begin by 2028.
What does the project on the gas plant entail?
Beyond electricity generation, the initiative encompasses battery energy storage systems, a carbon capture unit, and a hydrogen production facility. Additionally, plans include establishing a sizable data center powered by the new plant, which would enhance energy infrastructure in Central Greece.
This combined cycle gas turbine (CCGT) plant is anticipated to be the most efficient in Greece, boasting a net thermal efficiency of 62.6 percent, owing to advanced technology integration. Its location in Larissa will bolster Greece’s energy system balance and flexibility.
DEPA will hold a minority stake of 35 percent in the project, with Volton contributing 10 percent, and the remaining 55 percent shared between Israeli stakeholders and an energy fund.
DEPA will manage the energy operations and commercial supply of natural gas, ensuring long-term energy provision at competitive rates. It will supply approximately one billion cubic meters of natural gas annually, manage the company on the Energy Exchange, and appoint its general manager.
The gas supply company of Greece expands
Under the leadership of CEO Konstantinos Xifaras, DEPA aims to expand its electricity generation portfolio to 1.6 GW by 2028. This includes natural gas and renewable energy sources (RES).
Recently, DEPA also committed to developing solar parks in Kozani and Farsala, with capacities totaling 600 MW. Operations are expected to begin by late 2026. This aligns with DEPA’s broader strategy to become a pivotal player in Greece’s integrated energy sector and Southeastern Europe.
In parallel, DEPA Trading plans to enhance its presence in retail electricity and natural gas markets through its subsidiary, aiming to capture ten percent of the retail electricity market and solidify its position as a key player in Greece’s energy landscape.
This initiative marks a significant milestone in DEPA’s transformation into a comprehensive energy operator, as emphasized by Deputy Minister of Energy Nikos Tsafos during the shareholders’ agreement signing ceremony. It underscores DEPA’s commitment to advancing both conventional and renewable energy sectors, positioning itself as a leader in sustainable energy development in the region.
Related: Greece Becomes a European Hub for Liquefied Natural Gas
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
