Power utility PPC, gas company DEPA Commercial and the Copelouzos group have finalized an investment decision for the development of an 840-MW natural gas-fueled power station in Alexandroupoli, northeastern Greece, a project budgeted at a total of 480 million euros, including supporting projects.

The project was officially approved yesterday at a shareholders’ meeting staged by Ilektroparagogi Alexandroupolis, the consortium formed by the three project partners for this venture.

PPC holds a 51 percent stake in Ilektroparagogi Alexandroupolis, DEPA Commercial has a 29 percent stake and the Copelouzos group is involved with a 20 percent stake.

The three partners behind the 480 million-euro project are believed to have already secured financing from the National Bank of Greece. They plan to begin construction imminently and have completed the Alexandroupoli project by 2025.

The Alexandroupoli power station is expected to feature the lowest variable cost among all natural gas-fueled power stations operating on Greece, meaning it will hold priority status for wholesale market entry.

Its location will enable the facility to be supplied gas directly via the Alexandroupoli FSRU, now being developed by Gastrade, a consortium established by the Copelouzos group for the development and operation of the floating LNG terminal.

The Alexandroupoli power plant will be equipped to also burn hydrogen in a mixture of up to 50 percent.