New project signed with Larissa Thermoelectric
AVAX Group announces the signing of a contract with Larissa Thermoelectric for the design, construction and operation of an 800 MW combined cycle power plant, confirming the Group’s experience in leading projects in the energy sector.
Larissa Thermoelectric’s investment in the new natural gas-fired power plant in the Larissa Industrial Zone enters a new and particularly important implementation phase. Larissa Thermoelectric decided on Friday, July 31, 2026, to award AVAX SA the construction of the combined cycle plant and the Substation that will serve its operation.
This development constitutes an important milestone for one of the largest energy projects currently underway in Greece, and confirms that the investment is progressing according to the planned schedule. The Final Investment Decision (FID) is expected to be taken before the end of 2026, paving the way for the start of construction works.
The new unit, with a net output of 794 MW, will be the first in Europe to utilise Mitsubishi Power’s advanced M701JAC technology. With a particularly high level of efficiency and the possibility of future utilisation of natural gas and hydrogen blends, it will be the most modern and efficient unit of its kind in Greece, enhancing the flexibility and reliability of the electrical system.
The construction of the unit and the accompanying Substation is estimated to be completed in 38 months from the FID, while the investment is expected to be a benchmark for the energy transformation of the region of Thessaly.
The investment is being implemented by LARISSA THERMOELECTRIKI S.A., in which Clavenia participates with a 38.5% stake, Sirec Energy controls 16.5%, Volton 10%, and DEPA Commercial with a 35% stake, playing a central role in the management and operational operation of the project.
The new unit will add modern, high-efficiency and flexible production capacity to Greece’s electric power system, contributing to meeting the increasing needs of the energy system during the energy transition. The use of advanced technology enhances the operational efficiency of the investment and creates the conditions for even greater flexibility in the future.
At the same time, the project is expected to be an important growth driver for Thessaly, strengthening the region’s position in the national energy planning and creating new economic activity during the construction and operation of the unit.
Statement by the CEO of AVAX Group, Mr. Konstantinos Mitzalis:
“The contract signed today with Larissa Thermoelectric is yet another practical recognition of our Group’s vast experience in large energy projects, but also a new challenge for us: to deliver yet another demanding project, on time and with quality outcome, further strengthening the footprint of AVAX Group in the energy infrastructure of Greece”.
The General Manager of Larissa Thermoelectric, Mr. Dimitrios Tamvakis, stated:
“The award of the construction of the project is a decisive milestone in the course of implementation of the investment and confirms our commitment to proceed consistently and swiftly in the development of a unit that will set new standards of efficiency in electricity generation. The new unit will contribute decisively to the stability of the electricity system and to the safe integration of increasingly large production from Renewable Energy Sources.
At the same time, it is an investment with a strong development footprint. During its construction and operation, it will create significant opportunities for the local economy and employment in the broader Larissa region, while the addition of a new, highly efficient unit to the system will strengthen competition in the electricity market, to the benefit of consumers.
Marousi, August 05, 2026
The Board of Directors