An EPC (Engineering, Procurement and Construction) contract for a 794MW combined-cycle gas turbine (CCGT) power plant to be built in an industrial park in Larissa, in Greece’s Thessaly region, was reportedly signed on August 5, 2026. The project owner is Larissa Thermoelectric, a joint venture of Clavenia, DEPA Commercial, Sirec Energy, and Volton, and Greek construction company AVAX won the EPC contract. The investment is reported at approximately €600 million, with a construction period of about 38 months following final approval, while the final investment decision (FID) is expected to be made by the end of 2026.
A key feature of this project is the application of a Mitsubishi Power M701JAC-class gas turbine, reportedly the first deployment of this model in Europe. The M701JAC gas turbine is said to be capable of hydrogen co-firing, reflecting a design that leaves room for future fuel transition. Larissa Thermoelectric, the project owner, is reportedly a special purpose vehicle formed as a joint venture of energy trading and distribution companies Clavenia, DEPA Commercial, Sirec Energy, and Volton, and AVAX was selected as the EPC contractor responsible for the entire design, procurement, and construction process.
The power plant’s generation capacity is 794MW, and the total investment is reported at approximately €600 million. The EPC contract was signed on August 5, 2026, and the construction period following final approval is expected to take approximately 38 months. The final investment decision (FID) is scheduled to be made by the end of 2026.
This project is interpreted as being pursued amid Greece’s effort to expand combined-cycle gas power capacity to enhance electricity supply stability. The first European deployment of a next-generation gas turbine model capable of hydrogen co-firing is expected to serve as a technical reference case for future power plant orders in the European region.
Europe has recently seen continued new orders for combined-cycle gas power plants as flexible generation sources to complement the expansion of renewable energy, and this Larissa project is regarded as a representative case involving the deployment of a next-generation gas turbine model capable of hydrogen co-firing. The fact that the M701JAC model is being applied in Europe for the first time is cited as a factor that could influence the competition for European market orders among major gas turbine manufacturers competing with Mitsubishi Power, such as GE Vernova and Siemens Energy. The fact that Greek local contractor AVAX was solely awarded the EPC contract for a single CCGT project of approximately 800MW is seen as illustrating a growing trend of local contractors taking on EPC roles for large power projects even in Europe’s small and mid-sized power markets. For suppliers of key equipment such as gas turbines and generators, as well as subcontractors handling piping and electrical works, this project is expected to provide a stable stream of orders over the roughly 38-month construction period. Amid a recent trend of renewed combined-cycle gas power orders in Europe driven by energy security considerations, this project is regarded as emerging within that broader trend.
Whether the final investment decision (FID), scheduled for the end of 2026, is actually approved and when, is the first item to confirm. Whether the actual construction start following FID and the approximately 38-month construction period proceed as planned is also a point to watch. In addition, whether Mitsubishi Power’s M701JAC gas turbine leads to additional orders in the European market, and whether hydrogen co-firing conversion plans become more concrete going forward, are also cited as matters of industry interest. Whether the joint venture partners forming Larissa Thermoelectric will pursue similar power projects in other regions of Greece is also worth watching.