Greek energy company DEPA Trade has moved its proposed 792MW Larissa combined-cycle gas turbine plant into the pre-construction phase after signing the project’s engineering, procurement and construction contract.
The plant will be built in the Larissa Industrial Area and represents one of DEPA Trade’s largest investments as the company expands beyond gas supply and trading into electricity generation. Commercial commissioning is targeted for 2029.
The development is being undertaken through Larissa Thermoilektriki, a joint venture in which DEPA Trade holds 35%. Israel’s Clavenia owns 38.5%, EUSIF Larissa holds 6.5%, and Greek electricity supplier Volton has a 10% interest.
The project will use Mitsubishi combined-cycle technology and is expected to rank among the more efficient gas-fired power plants in the Greek market. Its strategic value lies less in providing continuous baseload generation than in supplying flexible capacity as Greece adds larger volumes of wind and solar power.
Gas-fired units can respond more rapidly than conventional lignite plants to changes in renewable production. The Larissa facility is therefore expected to participate actively in the balancing market, where the increasing variability of solar and wind output is raising demand for dispatchable generation.
The developers have also selected a contractor for the transmission line connecting the plant to the Greek electricity network. A formal announcement is expected in September 2026.
With the EPC package now established, attention is shifting to debt financing. The shareholders aim to conclude negotiations with lenders and reach a final investment decision by the end of 2026. The financing package will need to address exposure to gas prices, carbon costs, future operating hours and the long-term evolution of Greece’s capacity and balancing markets.
The plant forms part of a broader development strategy for Thessaly. DEPA Trade is considering additional renewable projects, while Clavenia is evaluating a large data centre in the region. The combination could create a sizeable new electricity-consumption and generation cluster, although the economics will depend heavily on timely grid connection and the availability of transmission capacity.
The project also supports Greece’s ambition to increase electricity exports into Southeast Europe. With domestic renewable output rising, efficient gas capacity can provide the firm generation needed to maintain exports during evening hours and periods of low wind and solar production.
