Italian gas distribution company Italgas has concluded a deal to buy DEPA Infrastructure, Greece's leading gas distribution operator. Italgas acquires 100% of the Company from Hellenic Republic Asset Development Fund (HRADF) and Hellenic Petroleum (HELPE). DEPA Infrastructure, which was sold for €733m, holds stakes in Greece's three main gas distribution operators, which manage 7,500 km of gas network.
Italgas, which runs about 74,000 km of gas pipelines, said in June 2022 it plans to invest €8.6bn to 2028 to modernise the Greek gas grid and complete the upgrade of its Italian network. Italgas aimed to expand the Greek grid to serve around 1 million customers, up from about 600,000 currently.
The Italian group said it aimed to fully digitise the Italian grid in a few months to make it easier to use more green hydrogen and synthetic fuels as part of European efforts to achieve zero carbon emissions by 2050.