The Network Powering Greece’s Newest Energy Megaproject

Intriguing new details have surfaced about a major energy project underway in central Greece, shedding light on the stakeholders and financial mechanics behind the Larissa Thermoelectric plant.

This ambitious development involves the construction of a 792 MW natural gas-fired power plant in the Industrial Zone of Larissa, aiming to play a pivotal role in the country’s energy transition.

The project is being carried out by Larissa Thermoelectric, a company in which DEPA Commercial—Greece’s public natural gas supplier—has secured a 35% minority stake. The largest shareholder is Clavenia Ltd, a Cyprus-based company holding 38.5%, while the Greek energy fund EUSIF Larissa owns 16.5%, and Volton, a Greek electricity and natural gas provider, holds the remaining 10%.

Clavenia is reportedly controlled by Brithin Ltd, another Cypriot entity with apparent ties to AroundTown, a European real estate group associated with Israeli-Cypriot businessman Yakir Gabay. However, the Greek branch of

AroundTown is owned not by Gabay directly but by Rigito Ltd, a Cypriot company belonging to Israeli investor Meni Weitzman. Weitzman is best known in Greece for co-founding Tikun Olam Greece, a medical cannabis company, in partnership with local entrepreneur Vasilis Milionis.

Both Gabay and Weitzman share a longstanding business relationship and have jointly invested in projects spanning hospitality, real estate, and pharmaceuticals. Their connection extends to Sade, an Israeli medical cannabis firm in which both have stakes.

Milionis, for his part, played a key role in Larissa Thermoelectric between 2021 and late 2024, overseeing permitting and development alongside Israeli businessman Nissan Caspi of IP Innovative Power. According to insiders, some early developers of the project held call options allowing them to increase their stake but opted not to exercise them, though the reasons remain unclear.

While initial announcements suggested the power plant would require an investment of €600 million, internal estimates now place the cost closer to €700 million. Interestingly, DEPA Commercial has clarified that it did not pay an entry fee for its 35% share. Instead, funding will be contributed by DEPA and the other shareholders during an upcoming capital increase, once the company’s valuation is finalized. This approach mirrors DEPA's previous participation in Gastrade, the operator of the Alexandroupolis floating LNG terminal.

With shareholder structures largely settled, Larissa Thermoelectric is now preparing to approach financial institutions to secure debt financing. The final green light—known as the Final Investment Decision (FID)—will hinge on meeting a range of criteria, from technical feasibility and regulatory approvals to financing arrangements and environmental permitting.

The estimated capital expenditure of over €700 million reflects the scale and complexity of constructing a combined-cycle gas turbine (CCGT) unit of this capacity. Among industry observers, there is growing speculation that Greek construction company Aktor may be awarded the project’s construction contract. This belief is largely driven by the involvement of Volton’s Nikos Bakos, who maintains close ties with Aktor.