Greek construction firm AVAX S.A. has reportedly won a contract to build a 794 MW CCGT (Combined Cycle Gas Turbine) power plant and substation in Larissa, Greece. The plant is reported to feature Mitsubishi Power’s M701JAC gas turbine, marking the first application of this model in Europe.
The project owner is Larissa Thermoelectric, a joint venture comprising Clavenia, DEPA Commercial, Sirec Energy, and Volton, with DEPA Commercial reportedly leading the project. The Mitsubishi Power M701JAC gas turbine to be installed is reported to be hydrogen co-firing capable, which could also support future grid stability needs.
The contract was signed on August 5, 2026, with a value of approximately €600 million. The plant’s capacity is 794 MW, with a Final Investment Decision (FID) expected by the end of 2026 and a construction period of approximately 38 months following the start of construction.
Greece and other European countries continue to require combined-cycle gas power generation to stabilize their grids amid the expansion of renewable energy, and this contract is cited as an example of the introduction of the latest gas turbine models in Europe.
Implications for Korea’s Industry
It is reported that Korean power equipment manufacturers and EPC (Engineering, Procurement and Construction) firms would benefit from monitoring the introduction trends of the latest gas turbine models from competitors such as Mitsubishi Power in the European market.
Whether the Final Investment Decision (FID) is made by the end of 2026 and the actual start of construction are cited as key points to watch.