Published by Global Banking & Finance Review®
Posted on May 21, 2025
1 min readLast updated: January 23, 2026
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DEPA Commercial will construct a €600 million gas-fired power plant in Larissa, Greece, partnering with Clavenia and others to enhance energy production and reduce costs.
ATHENS (Reuters) -Greek gas supplier DEPA Commercial has signed an agreement for a 600 million-euro ($680 million) project to build a gas-fired power plant in Larissa, it said on Wednesday.
Cyprus-based company Clavenia, which is owned by an Israeli real estate group, and two Greek companies, energy and telecommunications provider Volton and private equity EUSIF Larissa, will participate in the project.
The 792 MW power plant has received all necessary permits and will be built in the industrial area of Larissa, in the central part of the country, DEPA said in the statement
It will be built with Mitsubishi Heavy Industries technology.
"This is a new natural gas-fired electricity production unit. A unit that will create new jobs, strengthen competition and lead to lower electricity prices for consumers," Greece's Minister for Environment and Energy Stavros Papastavrou said.
Greece has ramped up renewables output from sun and wind for power generation as it aims to shut down all its coal-fired plants by next year. It still, however, relies heavily on gas imports for electricity.
($1 = 0.8820 euros)
(Reporting by Angeliki Koutantou and Ivana Sekularac, editing by Ed Osmond)
The project to build the gas-fired power plant in Larissa is valued at 600 million euros, which is approximately $680 million.
The project involves Cyprus-based Clavenia, two Greek companies—Volton and EUSIF Larissa—and is supported by DEPA Commercial.
The power plant will be constructed using technology from Mitsubishi Heavy Industries.
The new gas-fired electricity production unit is expected to create jobs, enhance competition, and potentially lower electricity prices for consumers.
Greece aims to increase its renewable energy output while phasing out coal-fired plants, but still relies heavily on gas imports for electricity generation.
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