Larissa's CCGT Power Plant: A Pivotal Move in Greece's Energy Transition and Investment Opportunity

Greece’s energy landscape is undergoing a transformative shift, and the Larissa Combined Cycle Gas Turbine (CCGT) Power Plant stands at the epicenter of this transition. This 660 MW gas-fired facility, set to begin commercial operations in 2024, is not just a standalone project but a linchpin in a broader strategy to balance renewable energy growth with grid stability. While DEPA Commercial, a key player in Greece’s energy sector, is not directly involved in the Larissa plant, its complementary initiatives in solar and biomethane production position the region as a microcosm of Europe’s energy security blueprint. Investors should take note: this is where diversified supply chains, regulatory alignment, and infrastructure growth converge to create compelling opportunities.

1. Diversified Supply: Gas as the Bridge to Renewables

The Larissa CCGT project, owned by Karatzis S.A., addresses a critical gap in Greece’s energy strategy: reliability. While renewables like solar and wind now account for 57% of Greece’s energy mix, their intermittent nature requires a flexible baseload power source. Natural gas, with its lower carbon footprint compared to coal, serves this role perfectly. The plant’s 660 MW capacity will provide grid stability, enabling higher renewable penetration while reducing reliance on imported coal.

DEPA Commercial’s parallel investments in renewable infrastructure—such as its 100 MW solar plant near Larissa and a 390 MW photovoltaic portfolio funded by a EUR 390 million EIB loan—complement this gas backbone. Together, these projects form a diversified energy portfolio that mitigates supply risks and ensures steady power generation.

2. Regulatory Alignment: Greece’s Ambitious Energy Goals

Greece’s National Energy and Climate Plan (ESEK) mandates 57% renewable energy by 2030, including 6.5 GW of solar and 5 GW of wind capacity. The Larissa CCGT aligns with this vision by supporting grid resilience during the transition. Moreover, the EU’s focus on reducing Russian gas dependency has fast-tracked approvals for projects like Larissa, which are critical for energy independence.

DEPA’s alignment with these goals is clear: its biomethane plant in Filippiada and stake in the Interconnector Greece-Bulgaria (IGB) gas pipeline directly support Greece’s bid to become a regional energy hub. Investors in DEPA’s projects gain exposure to a portfolio backed by stringent regulatory frameworks and EU funding.

3. Infrastructure Growth: Building Europe’s Energy Security

The Larissa project is not isolated. It is part of a broader infrastructure boom in Greece, including offshore wind farms, battery storage systems (targeting 3.1 GW by 2030), and grid interconnectors like the GREGY link to Italy. DEPA’s role in expanding gas infrastructure—such as the Alexandroupolis LNG terminal—anchors this ecosystem, ensuring seamless energy distribution.

Why Invest Now?

• Demand Stability: Greece’s energy market is projected to grow at 6.8% CAGR through 2030, driven by renewable adoption and grid modernization.
• Regulatory Tailwinds: The EU’s REPowerEU plan offers subsidies and low-interest loans for green projects, reducing risk for investors.
• Strategic Location: Greece’s geographic position as a Balkan energy corridor makes its infrastructure investments geopolitically strategic.

Call to Action: Seize the Moment

The Larissa CCGT and DEPA’s renewable initiatives are not just projects—they are blueprints for energy security. Investors seeking exposure to Europe’s transition should prioritize:
1. Equity in projects like the EIB-backed solar portfolios (e.g., DEPA’s 816 MW photovoltaic projects).
2. Infrastructure funds tied to gas interconnectors and storage systems (e.g., the IGB pipeline).
3. Long-term plays in biomethane and hybrid energy providers, where DEPA’s expertise is unmatched.

The window for early-stage investment is narrowing. As Greece solidifies its role as a European energy leader, those who act swiftly will reap the rewards of a secure, diversified, and growing market.

The time to position yourself in Greece’s energy renaissance is now.