- DEPA Commercial launched a €600 million investment to build a 792 MW gas-fired power plant in Larissa, supporting Greece’s transition from coal to a diversified energy mix.
- Greek and international partners joined the project, which aims to boost energy security, create jobs, and lower electricity costs during the shift to cleaner power.
Greek gas supplier DEPA Commercial has launched a €600 million ($680 million) investment to build a new 792-megawatt natural gas-fired power plant in Larissa, central Greece. The project marks a significant step toward a more secure and diversified energy mix in the country.
DEPA announced on Wednesday, May 21, that the Larissa industrial zone plant has already secured all required permits. The facility will use advanced technology supplied by Mitsubishi Heavy Industries.
The project is a joint venture involving Cyprus-based Clavenia, backed by an Israeli real estate group, alongside Greek companies Volton, an energy and telecoms provider, and EUSIF Larissa, a private equity fund.
“This is a new natural gas-fired electricity production unit that will create jobs, increase competition, and reduce electricity costs for consumers,” said Greece’s Minister for Environment and Energy, Stavros Papastavrou, during the official launch.
The investment aligns with Greece’s broader strategy to modernise its energy sector. While the country is rapidly scaling up solar and wind power, it relies heavily on natural gas imports to meet electricity demand. The government aims to entirely phase out coal-fired power plants by 2026, making projects like the Larissa plant essential for ensuring grid stability during the transition.
For international stakeholders and the Greek diaspora, the Larissa power plant represents a strategic blend of foreign investment, regional development, and technological innovation. It reinforces Greece’s commitment to energy security and long-term economic resilience.