DEPA Trade has moved its proposed 792MW Larissa combined-cycle gas turbine project into the pre-construction phase after signing the engineering, procurement and construction contract. The company is targeting commercial commissioning for 2029. The development will be carried out through Larissa Thermoilektriki.
Project structure and technology
Larissa Thermoilektriki is 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 plant is planned for the Larissa Industrial Area.
The project will use Mitsubishi combined-cycle technology. It is expected to rank among the more efficient gas-fired power plants in the Greek market. The facility’s role is described as focused on flexible capacity rather than continuous baseload generation.
Role in balancing market and grid connection
The developers expect gas-fired units to respond more rapidly than conventional lignite plants when renewable output changes. As solar and wind generation variability increases, the Larissa facility is expected to participate actively in the balancing market. This participation is linked to rising demand for dispatchable generation.
The project team has selected a contractor for the transmission line connecting the plant to the Greek electricity network. A formal announcement on the transmission line contractor is expected in September 2026.
Financing timeline and regional development links
With the EPC package in place, shareholders are shifting attention to debt financing negotiations with lenders. They aim to reach 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. DEPA Trade is considering additional renewable projects, while Clavenia is evaluating a large data centre in the region. The economics are described as depending on timely grid connection and transmission capacity availability.
The project also aligns with Greece’s ambition to increase electricity exports into Southeast Europe. With domestic renewable output rising, efficient gas capacity is expected to provide firm generation during evening hours and periods of low wind and solar production.
