Public Power Corporation, DEPA Commercial and Damco Energi (part of the Copelouzos Group) have signed an agreement for PPC to acquire a 51% stake in Electroparagogi Alexandroupolis Monoprosopi SA, which plans to build and operate a new 840 MW gas-fired power plant in Alexandroupolis, it said. in a press release.
DEPA Commercial will buy 29% of the same company, while Damco Energy will retain a 20% stake. The agreement was signed last week.
The construction of the new power plant will begin in the first quarter of 2023 and will be completed by 2025, according to the announcement.
The power plant is supposed to be the most efficient in the country, with an efficiency rate of 63%. It will be supplied with natural gas directly from the FSRU in Alexandroupolis, and is strategically located near the IGB pipeline and connected to the Nea Santa high-voltage substation, which is ideally positioned to export electricity to neighboring countries.
In a later statement, Energy Minister Kostas Skrekas assessed that the agreement is part of Greece’s efforts to ensure energy sufficiency. With quick but steady steps, we are contributing to Greece becoming a key pillar of energy security in the region of Southeast Europe, Skrekas says.