Greece’s state-owned gas supplier DEPA has signed a landmark agreement with Israel’s Clavenia Ltd. to build one of the country’s largest energy projects—a €600 million natural gas-fired power plant in Larissa. The project will be developed under the company LARISSA THERMOELICI S.A. and is scheduled to begin construction in 2026, with operations set for 2028.

The new combined cycle gas turbine (CCGT) plant will deliver 792 MW of net capacity and is expected to become the most efficient facility of its kind in Greece, with a thermal efficiency of 62.6%. Beyond power generation, the project will integrate battery storage systems, a carbon capture unit, and hydrogen production facilities, as well as a large-scale data center powered by the plant.

Ownership will be shared among stakeholders: DEPA will hold 35%, energy company Volton 10%, while Israeli investors and an energy fund will retain the remaining 55%. DEPA will oversee natural gas supply, energy operations, and commercial management, ensuring stable and competitive electricity provision—supplying around one billion cubic meters of gas annually.

The initiative supports DEPA’s broader strategy, led by CEO Konstantinos Xifaras, to expand its electricity generation portfolio to 1.6 GW by 2028, combining natural gas with renewable energy sources. Parallel projects include the construction of 600 MW solar parks in Kozani and Farsala, expected to be operational by late 2026.

Deputy Energy Minister Nikos Tsafos highlighted the project as a milestone in Greece’s energy transition, reinforcing DEPA’s role as a leading integrated energy operator in both Greece and Southeast Europe.