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Greek joint venture builds a natural gas power plant in Alexandroupolis

The construction of the new natural gas power plant in Alexandroupolis, a key project for the energy security of Greece and the wider Balkan region, was announced today at an official launch ceremony, held in the presence of Prime Minister Kyriakos Mitsotakis. The Alexandroupolis Power Plant is being built by a joint venture of Greece’s three major energy groups – PPC, DEPA Commercial and Damco Energy of the Copelouzos Group. The Minister of Energy of Greece, Mr. Kostas Skrekas as well as his emeritus from Bulgaria, Mr. Rosen Hristov and Mr. Erik Holmgren, Economic Officer of U.S Embassy at Greece also attended the ceremony.

The power plant will be directly connected to Gastrade’s FSRU (“Floating Storage and Gasification Unit”), which is currently under construction. Thus, Alexandroupolis is turning into an energy junction of electricity and natural gas networks, with the potential of supplying the domestic market and neighbouring countries in Southeastern Europe.

The construction and operation of the Alexandroupolis Power Plant will also contribute to meeting the European Green Deal targets and the transition to low-emission energy production. The equipment that will be installed in the plant is suitable for hydrogen combustion and can operate with mixed fuel.

The new power plant is expected to be operational by the end of 2025. It will be of combined cycle type and will have an installed capacity of 840 MW, which is approximately the net capacity of 3 lignite plants currently being decommissioned. Due to its high efficiency, it will ensure seamless electricity supply at low price levels.

The CEO of Copelouzos Group, Mr. Christos Copelouzos during his statement, noted: “We are here to welcome a project that is changing the energy landscape: Greece is now shielded, it acquires energy sufficiency. At the same time, a new energy pillar is being created for South-Eastern Europe, as our country will be able to export electricity to the neighbouring Balkan states. To Bulgaria, North Macedonia and even Serbia.
As a Group, we chose the location of the plant here in Alexandroupolis. After all, for years we have been paying special attention to the wider Evros region, fully acknowledging its important geostrategic position, and creating infrastructure, which, together with other projects under implementation in the region, such as the “FSRU Alexandroupolis”, generate opportunities for the development of the local economy and many new and permanent jobs.
With confidence in Greece and its people, we at Copelouzos Group will continue to develop projects of “national identity”. These include investments that are being thoroughly prepared, such as the electrical interconnection between Greece and Egypt and offshore wind farms. Towards a better and more sustainable future”.

The President and CEO of PPC, Mr. Georgios Stassis noted: “The new Alexandroupolis power plant, the construction of which we are inaugurating today, is the result of the creative collaboration between the PPC Group and two important partners, DEPA Commercial and the Copelouzos Group, with the aim to contribute to the consolidation of the country’s role as a strong and, why not, an exporting productive player in the wider region of Southeastern Europe. As is well known, clean energy is at the heart of our strategic planning.

Given that current technologies providing long-term storage of renewable energy production are either at an experimental stage or very costly, there is no doubt that natural gas has an important role to play. New gas plants must be flexible and as efficient as possible and ultimately have the potential to be part of a net-zero energy system using clean fuels such as green hydrogen. In this context, our investment in the new combined cycle plant in Alexandroupolis not only follows our strategic objectives but serves an even smoother transition. At the same time, it will contribute to the country’s energy sufficiency, but will also further consolidate the position of PPC as a key energy partner in the wider region of South-Eastern Europe”.

The Chairman of DEPA Commercial, Mr. Ioannis Papadopoulos said: “Today is an important milestone, both for DEPA Commercial and the major energy Groups we joined forces with for the implementation of the investment, as well as for Alexandroupolis, Greece and SE Europe. With the Alexandroupolis Power Plant, Greece acquires another crucial project that will contribute to the continuous supply of more cost-effective energy. At the same time, our country also has a new gateway for the transition to green energy, as the combined cycle plant will balance the system, allowing greater penetration of RES in the energy mix.”

The importance of the project was also mentioned by the CEO of DEPA Commercial, Mr. Konstantinos Xifaras, who pointed out: “Today we are inaugurating a project important for the energy security of Greece and the wider Balkan region. It utilizes natural gas for the production of electricity and for us it represents the execution of the business plan that we have developed and are implementing since 2020, aiming to transform DEPA Commercial into an integrated energy company. The Alexandroupolis Power Plant is a very important part of our business plan, which will allow us to cover a wider range of activities and ensure the energy transition for DEPA Commercial”.

About Copelouzos Group:

Core business areas of Copelouzos Group, Greece, is the Energy Sector, Project Management, Facility Management and Out of Home Advertising. Concessions constitute another important business sector of the Group, such as most significant the Athens Metropolitan Exhibition center, located near the Athens International Airport. The Group holds a strong and diversified portfolio of strategic investments, such as Infrastructure Projects, most important of them are the Athens International Airport and the development and management of 14 Greek regional airports. Apart from the above, the Group possesses a significant position in Real Estate assets, owning one of the largest companies in this sector in Greece.

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