Greek energy company Larissa Thermoelectric has completed a sweeping overhaul—relocating its headquarters to Athens, reshaping its board under the leadership of DEPA Commercial's CEO, and tightening shareholder control rules—as it positions its high-efficiency gas plant as a key stabilizer in Europe's increasingly renewables-driven energy grid.
Greek energy company Larissa Thermoelectric has undergone a major restructuring, appointing a new board of directors and relocating its headquarters from central Greece to Neo Iraklio in northern Athens, where several subsidiaries of DEPA Commercial are based. These moves are part of a broader reorganization that includes changes to the company's governing statutes and the implementation of strict new rules governing the transfer of shares among its shareholders.
The company's ownership is currently divided among four major stakeholders: Clavenia Ltd holds the largest stake at 38.5%, followed by DEPA Commercial with 35%, the EUSIF Larissa investment fund with 16.5%, and energy provider Volton with 10%. The changes in the company's charter are designed to ensure coordinated decision-making among these shareholders by requiring unanimous written consent for any sale, transfer, or pledging of shares. Any shareholder wishing to divest must first notify the others in writing of the proposed terms, including the number of shares, sale price, and the identity of the buyer, thereby granting them the right of first refusal within a set timeframe. Only if no existing shareholder exercises this right may the sale proceed to a third party—under the exact same terms originally disclosed.
At the helm of the newly formed board is Konstantinos Xifaras, CEO of DEPA Commercial, who has been appointed chairman. Adi Caspi of Clavenia Ltd has taken the position of vice-chairman. The board also includes representatives from each of the major shareholder groups: Iordanis Prokopidis and Dimitris Skalaios from DEPA Commercial, Nikos Bakos from Volton, Evangelos Bardis from SirecEnergy, and Aigerim Reichert, an executive from the German real estate group AroundTown, owned by Israeli businessman Yakir Gabay. The board's mandate extends until June 2029.
In an interview with the Sunday edition of Kathimerini, Konstantinos Xifaras was asked to explain the strategic value of Larissa Thermoelectric for DEPA and whether the Greek energy market can still accommodate an additional gas-fired power plant. Xifaras emphasized that the Larissa plant is far from ordinary. With a net generation capacity of 792 megawatts and a thermal efficiency of 62.6%, it is the most efficient facility of its kind in Greece. This, he noted, translates into lower fuel consumption per megawatt-hour produced and a significantly smaller environmental footprint compared to older-generation power stations.
He stressed the growing importance of flexible, responsive power generation as Greece—and Europe more broadly—increasingly depends on renewable energy sources. When solar and wind output falls short, plants like
Larissa can quickly step in to stabilize the grid. "This is exactly the kind of unit that fits today's energy landscape," Xifaras said, "ensuring system stability while opening the door for more renewable energy producers to connect to the grid without constraints."
Pointing to a recent blackout in the Iberian Peninsula, Xifaras warned that the event served as a stark reminder of the critical role such flexible and efficient power units play in safeguarding energy security across Europe.
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