A significant energy sector agreement was finalized on Wednesday in Greece, as DEPA Commerce, the state-owned gas and energy trading company, signed a shareholder agreement to acquire a 35% stake in Larissa Thermoelectric.
This company is currently developing a 792-megawatt gas-fired power plant in the Industrial Zone of Larissa, a city in central Greece. The plant, once completed, will be one of the largest of its kind in the country and is expected to play a central role in Greece's transition away from lignite coal.
The project has been in development since 2021 and is backed by Greek-Israeli interests operating through Clavenia Ltd, a Cyprus-registered company, and the energy investment fund EUSIF Larissa S.A. With DEPA's involvement now formalized, the structure of the project's ownership has shifted. In addition to DEPA's 35% stake, Greek energy supplier Volton, owned by entrepreneur Nikos Bakos, has acquired a 10% share. The remaining 55% will stay with the original shareholders. The financial terms of the transaction have not been disclosed, and the valuation of the 45% stake sold to DEPA and Volton remains confidential. For now, only DEPA CEO Konstantinos Xifaras and Nikos Bakos are said to know the precise figures. These details are expected to surface when DEPA publishes its next round of financial statements.
What has been confirmed is the scale of the investment. The total project is estimated to require €600 million, signaling the strategic importance and ambition behind it. The plant is part of Greece's broader energy strategy, which involves phasing out coal and increasing reliance on cleaner-burning natural gas and renewable energy sources as part of the country's commitments under EU climate goals.
The history of the Larissa Thermoelectric project includes some notable figures. Until May 2021, Vasilis Milionis—a Greek businessman previously implicated in the Energa–Hellas Power case—served on the company's board in an active role. His involvement in the earlier stages of the project has drawn some attention in local media.
For DEPA CEO Konstantinos Xifaras, this marks the second "stealth" but significant acquisition under his leadership. The first was the company's low-profile move to acquire three solar energy companies—North Solar, North Solar 1, and New Spes Concept—from the Petrocheilos brothers (founders of Kiefer) and the Greek-British firm National Energy International. These companies are developing solar projects in Western Macedonia, another region central to Greece's energy transition.
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