Listed companies Motor Oil and GEK Terna are teaming up to construct a new natural gas-fired electricity unit at Komotini, in northeastern Greece.
The two groups’ Thermoilektriki Komotinis consortium has conceded the building of the plant to Terna, which in turn has signed a procurement contract with Siemens Energy for the main equipment of the unit, which will have a capacity of 877 megawatts.
The unit’s commercial operation is scheduled to start in early 2024 and the total cost of the investment is estimated at 375 million euros. The construction stage will create 500 jobs, and 100 jobs will be created when it begins operating.
“The construction of the new, state-of-the-art plant is of strategic importance, as it will cover the increased needs for electrical energy in our country that will be created because of the gradual withdrawal of the lignite-fired production plants. This project constitutes a project of vision for the development of the region and for the energy security of the country,” the two groups argued in a joint statement that was released on Thursday.