Greece’s DEPA joins forces with Clavenia to build 792 MW gas power plant
A Greek-Israeli consortium has signed an agreement to build a 792 MW gas power plant in Larissa, Greece, in an investment valued at EUR 600 million. The facility will use an advanced combined cycle gas turbine (CCGT) technology, enabling a net thermal efficiency of 62.6%.
The proposed gas power plant is expected to be the most efficient CCGT facility in the country. It will utilize Mitsubishi Heavy Industries’ advanced technology, specifically M 701JAC, according to a statement by Greek state-controlled gas supplier and trader DEPA Commercial, one of the partners in the consortium.
The Larissa plant is expected to be the most efficient CCGT facility in Greece
The project is led by Clavenia, registered in Cyprus but with Israeli ownership. It has a 38.5% stake. The other three stakeholders are based in Greece – DEPA Commercial, with 35%, energy investment fund EUSIF Larissa, with 16.5%, and local retail electricity supplier Volton, with 10%.
A final investment decision is expected by the end of 2025, and construction would begin in early 2026. All required permits have already been secured. DEPA revealed it would be responsible for the commercial supply of natural gas for the operation of the plant.
The project could be expanded to include a data center, energy storage, and hydrogen
Clavenia plans to expand the project by developing a broader energy hub in the region, including battery storage facilities, a data center, and potentially hydrogen production and carbon capture technologies, according to Energypress.
Nissan Caspi, managing partner at Clavenia, described the Larissa project as the first phase of a broader plan, incorporating innovative Israeli technologies, such as hydrogen storage, green methanol production, and lithium ion batteries.
DEPA is already building a CCGT plant in Greece of 840 MW
DEPA, in partnership with state-controlled Public Power Corp. (PPC), is building an 840 MW gas power plant in Greece using CCGT technology. It is also involved in a project for a gas-fired power plant in Albania, together with Greece-based GEK Terna and Albanian firm Gener 2.
The company owns 20% of the Alexandroupolis LNG Terminal and 25% of ICGB, which operates the Interconnector Greece-Bulgaria (IGB) gas pipeline.
