Greek gas supplier DEPA Commercial has announced a €600 million agreement to construct a 792 MW gas-fired power plant in Larissa, aiming to boost energy supply, create jobs, and reduce electricity prices amid the country’s green transition.

Greek gas provider DEPA Commercial revealed on Wednesday that it has signed an agreement to build a new gas-fired power plant in the central Greek city of Larissa. The project, valued at €600 million, will have a capacity of 792 megawatts (MW) and is expected to significantly contribute to the country’s energy production.

The new facility will be constructed in Larissa's industrial area using technology supplied by Mitsubishi Heavy Industries. The plant has already secured all necessary permits and is set to enhance energy security while supporting Greece’s shift away from coal.

The project is being carried out in partnership with Cyprus-based company Clavenia - owned by an Israeli real estate group - along with Greek firms Volton, an energy and telecom provider, and private equity group EUSIF Larissa.

"This is a new natural gas-fired electricity production unit. A unit that will create new jobs, strengthen competition and lead to lower electricity prices for consumers," said Greece’s Environment and Energy Minister Stavros Papastavrou.

While Greece has accelerated its investment in solar and wind power in recent years, natural gas remains an important part of the country’s energy mix. The new plant is expected to help stabilize electricity supply during the transition to renewable energy and ensure competitiveness in the domestic market.

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