Pre-construction status for 792MW combined-cycle project
DEPA Trade has moved its proposed 792MW Larissa combined-cycle gas turbine plant into the pre-construction phase after signing the engineering, procurement and construction contract. The company’s development is being advanced toward a final investment decision targeted for the end of 2026. Commercial commissioning is scheduled for 2029.
The facility will be built in the Larissa Industrial Area. DEPA Trade said the project is among its largest investments as it expands from gas supply and trading into electricity generation.
Joint venture structure and technology choice
The project is being developed through Larissa Thermoilektriki, a joint venture where 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 plant will use Mitsubishi combined-cycle technology. It is expected to rank among the more efficient gas-fired power plants in the Greek market, according to project expectations stated in the development update.
Role in balancing market and grid connection timeline
The project’s operational focus is described as providing flexible capacity rather than continuous baseload generation as Greece adds larger volumes of wind and solar power. Gas-fired units are expected to respond more rapidly than conventional lignite plants to changes in renewable output.
As a result, the Larissa facility is expected to participate actively in Greece’s balancing market, where variability from solar and wind output is increasing demand for dispatchable generation. The developers have also selected a contractor for the transmission line linking the plant to the Greek electricity network . A formal announcement is expected in September 2026.
Financing plan and regional development links
With the EPC package set, shareholders are shifting attention to debt financing. Negotiations with lenders are intended to be concluded ahead of a final investment decision by the end of 2026.
The financing package is expected 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 is part of a broader development strategy for Thessaly, with DEPA Trade considering additional renewable projects and Clavenia evaluating a large data centre in the region.
The developers said the combination could support a new cluster of electricity consumption and generation, depending on timely grid connection and available transmission capacity. The project is also described as supporting Greece’s ambition to increase electricity exports into Southeast Europe by providing firm generation during evening hours and periods of low wind and solar output .
