DEPA Commercial has laid the foundations for the creation of another strong pole in the energy market through its partnership with Volton, Israeli-owned Clavenia and the Greek-owned Sirec Energy fund for the implementation of a new natural gas-fired power plant, in an investment of 600 million euros.
As announced on Wednesday, the four companies have signed the shareholders’ agreement for their joint participation in Larissa Thermoelectric SA.
The company, which was established on March 19, 2021, with the sole shareholder being the Cyprus-based Clavenia Ltd, has received a license for a 792 MW natural gas-fired power plant in the industrial area of Larissa. DEPA will hold 35% of the share capital in Larissa Thermoelectric, while it will also assume the role of energy manager, as well as the commercial supply of natural gas for the operation of the unit. The Israelis will hold 38.5%, another 16.5% goes to Sirec Energy through its 100% subsidiary EUSIF Larissa, and 10% to Volton, the company of shipowners Dimitris Bakos and John Kaimenakis, which is active in the retail electricity and natural gas market and very recently in the telecommunications market.
The implementation of the unit will begin with the final investment decision, which is expected in the two months of October and November. DEPA is, according to information, already in discussions with banks for the financing of the investment, while within the next two months it is expected to complete the process of selecting the contractor who will undertake the construction of the unit.
DEPA Commercial’s move to expand its activity in the power generation sector with clear government support and guidance, as is evident from the relevant statements of the political leadership of the Ministry of Energy and Mineral Resources, largely reveals the overall plan for the 100% state-owned company after the divestment by Helleniq Energy.
The government appears to have adopted the plan for the transformation of DEPA Commercial into an integrated energy group launched by the administration of Kostas Xifaras, open to alliances to strengthen its position. DEPA participates with a 29% stake in the new power generation unit of Alexandroupoli, jointly with PPC (71%), as well as in the Alexandroupoli offshore unit, or FSRU, (20%), while it has launched the construction of photovoltaic parks. with a combined capacity of 500 megawatts.