Greece: Gas-fired power plant will be built by GEK Terna

, SEE Energy News

The gas-fired power plant will be in Komotini in northeastern Greece. GEK Terna said that it plans to use the majority of proceeds of its bond issue worth 500 million euros to finance the construction of 650 MW gas-fired power plant.

The statement from the company said that roughly 400 million of 500 million euros in bond funds will be used to finance its investment program, which includes gas-fired electricity generation. GEK TERNA is close to reaching an investment decision on this facility, which would be its third gas-fired unit in the country.

Greece’s recent decarbonization plans aimed to phase-out coal-based electricity generation by 2030 has spurred investments in gas-fired generation. Most notably, Mytlineos Group is already building its 826 MW gas-fired power plant near Athens, which should be commissioned in 2021.

Other companies are also considering investments is gas-fired power plants, such as Elpedison with its 826 MW facility near Thessaloniki and Copelouzos Group with 660 MW power plant near Alexandroupoli in northeastern Greece, which will rely on the future LNG terminal off the coast of Alexandroupoli.