Larissa Thermoelectric has selected AVAX, a Greek construction group, to build a 794 MW combined-cycle power plant and the associated substation that will support its operation in the Larissa Industrial Area in the Thessaly region in Greece (DEPA press release, 05/08/2026).
The Final Investment Decision (FID) is expected to be reached before the end of 2026. Construction of the plant and the associated substation is expected to be completed within 3 years following the FID.
The project will be the first in Europe to deploy Mitsubishi Power’s advanced M701JAC technology. The investment is being developed by Larissa Thermoelectric S.A., whose shareholders are Clavenia with a 38.5% stake, Sirec Energy with 16.5%, Volton with 10%, and DEPA Commercial, an affiliate of the Greek state-owned natural gas supply company DEPA, with 35%.
Greece has installed capacity of 30.9 GW at end-2025, including 11.5 GW of solar, 5.7 GW of wind, 5.3 GW of gas, 3.5 GW of hydro and 3.3 GW of coal, according to Enerdata’s Global Energy & CO2 data. The country has around 1.5 GW of gas-fired capacity under construction and another 1.6 GW under development, based on data from Enerdata's Power Plant Tracker.
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