Public Power Corporation, DEPA Commercial and Damco Energy of the Copelouzos Group have signed an agreement for purchase by PPC of a 51 pct share of 'Electroparagogi Alexandroupolis Monoprosopi SA', a company planning to build and operate an 840 MW gas-fuelled power plant in Alexandroupolis, according to a press release on Thursday. DEPA Commercial will buy out 29 pct of the same firm while Damco Energy will retain a 20 pct share.
The agreement was signed on Wednesday by PPC Chairman and CEO Giorgos Stassis, DEPA Commercial's Chairman Ioannis Papadopoulos and CEO Konstantinos Xifaras, and the board chairman of the Copelouzos Group, Christos Copelouzos, in the presence of Environment and Energy Minister Kostas Skrekas. Construction of the new plant will begin in the first quarter of 2023 and finish in 2025, the announcement said.
The plant is billed as the most efficient in the country, with an efficiency rate of 63 pct, and can get natural gas directly from the FSRU in Alexandroupolis, while it is strategically positioned near the IGB pipeline and linked to the Nea Santa high voltage substation, which is ideally placed for electricity exports to neighbouring countries.
In statements afterwards, Skrekas said the agreement was "one more strong link in the chain of efforts we are making to ensure energy sufficiency in our country...with rapid but steady steps, we are making Greece a key pillar for energy security throughout Southeastern Europe."
Stassis stressed that gas-fired plants still had a key role to play in the transitional period for the energy system and that the Alexandroupolis plant was "fully aligned with our strategy, while contributing to the energy security of the country and to further consolidating its position as a crucial energy partner in the wider region of the Western Balkans".
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