The state-run Public Power Corp. (PPC) and natural gas supply company (DEPA) on Friday announced a final decision for building and operating a new 840-MW power station near the extreme northeast Greece city of Alexandroupolis.

The go-ahead comes after approval this week by the board of directors of both utilities. ATHEX-listed and partially privatized PPC, a one-time state monopoly in terms of electricity production and distribution in Greece, remains the dominant power supplier in the country.

PPC will hold a 51-percent stake in the consortium behind the new power plant; DEPA will retain 29 percent and Damco Energy, controlled by the Copelouzos group, will retain 20 percent.

The total cost of the project is given as 395 million euros, with the consortium expected to invest 80 million euros of own capital, with the remaining sought through project financing.

The projected commercial operation of the unit is scheduled for June 2025.

The Alexandroupolis region, which lies just west of the land border with Turkey as delineated by the Evros (Maritsa) River, is emerging as a cross-roads for energy transit, especially natural gas pipelines. The unit will also have access to the soon-to-come online FSRU offshore terminal in the same area.

The unit will be connected with the Nea Santa high-voltage substation, which is linked with the grid of neighboring countries in the southern Balkans.

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