A shareholders’ contract for a major energy-related project worth 600 million euros in the Larissa region of central Greece was signed on Wednesday by representatives of the Greek-Israeli scheme behind the deal.
The now mature, license-wise, project calls for the construction and operation of a 792MW gas-fired CCGT power plant in the Larissa industrial zone, with a projected thermal output of 62.6%. The plant will be a M701JAC model engineered by Mitsubishi Heavy Industries.
Athens-based Depa Commercial, a full subsidiary of the Greek state holding company Growthfund, will assume the role of energy manager and as the provider of the natural gas.
DEPA’s partner in the mega project is Clavenia Ltd., which is mostly involved in real estate holdings and is owned by Israeli interests. Clavenia, with assets of roughly 30 billion euros, is a subsidiary of Luxembourg-based and MDAX-listed AroundTown. The former’s headquarters is located on Cyprus.
Two other shareholders cited in the deal are EUSIF Larissa S.A., a subsidiary of Athens-based SIREC Energy, and Volton, a local retail electricity provider.
After the signing, Greek Energy and Environment Minister Stavros Papastavrou referred to a major investment in Larissa and the entire Thessaly province, as well as the country as a whole.
“This plant that will create new jobs, strengthen competition and lead to lower electricity prices for consumers. This is a strategic investment for the energy security of our country, which will also upgrade the role of Thessaly in the national and European energy map. We support any initiative that promotes the energy transition towards a sustainable development model. A model that serves both people and the environment,” he said.
On his part, Israeli Energy and Infrastructure Minister Eli Cohen welcomed what he called “…the creative and efficient cooperation between Israeli and Greek investors for the development of an advanced energy project in Greece, utilizing leading Israeli technology, while respecting the environment.”
