Billed as a state-of-the-art 792 MW natural gas power station, the plant is designed to develop near the central Greek city of Larissa, with enthusiastic backing from the Greek Ministry of Environment and Energy. On May 21, the project received high-profile political endorsement when Energy Minister Stavros Papastavrou and Deputy Minister Nikos Tsafos publicly welcomed the new investment with ceremonial fanfare.
Yet behind the official enthusiasm lies a web of financial maneuvers, offshore entities, and opaque relationships that raise serious questions about how Greece is managing its strategic energy investments. At the center of the project is Larissa Thermoelectric S.A., a company established in March 2021 by Cypriot firm Clavenia Ltd., itself controlled by Brithin Ltd., a vehicle linked to Israeli investor Meni Weitzman. Weitzman, best known for co-founding the Greek arm of the medical cannabis company Tikun Olam, is a close associate of Greek businessman Vassilis Milionis, the original “mastermind” of the Larissa power plant.
Milionis, along with Israeli entrepreneur Nissan Caspi of IP Innovative Power, initiated the licensing process for the facility nearly three years ago. Although initial information suggested that both men held call options to invest directly in the project, they appear to have stepped back without explanation. That move coincided with a broader reshuffle of the company’s ownership and strategy.
On May 21, Clavenia Ltd., DEPA Commercial (the Greek state-owned gas trading company), renewable energy fund EUSIF Larissa, and Greek energy supplier Volton signed a new shareholder agreement. The updated equity distribution allocates 38.5% to Clavenia, 35% to DEPA Commercial, 16.5% to EUSIF Larissa, and 10% to Volton. Notably, the deal does not require the new investors to pay an entry fee; instead, their participation will be formalized through a future capital increase after a final company valuation is conducted. This will hinge on two key conditions: the confirmation of the project's economic viability and securing financing from Greek banks, with a final investment cost (CAPEX) estimate still pending.
Volton’s participation is especially notable, as it raises speculation about who will be awarded the lucrative construction contract. With Volton co-founder Nikos Bakos now a shareholder in Larissa Thermoelectric, industry insiders believe the job may go to Aktor, one of Greece’s largest construction firms, connected to Bakos.
While the project’s future appears to be on solid footing, a new layer of complexity emerged last week regarding the role of Kedros Capital, a newly established financial advisory firm selected by DEPA Commercial to conduct due diligence and evaluate the project’s viability. Kedros Capital did not exist until May 21, 2025—the very same day the shareholder agreement was signed and project leaders visited the Ministry to announce their collaboration.
The firm’s sudden appearance raises critical questions: How did DEPA Commercial, a wholly owned subsidiary of Greece’s sovereign wealth fund (the Hellenic Corporation of Assets and Participations), rely on a firm that legally did not exist at the time it supposedly offered financial and tax advisory services? Who made this decision, and why was Kedros Capital selected over established international firms?
A deeper look into Kedros Capital’s ownership structure offers clues. The firm is 70% owned by Cypriot-based Envirtus Investments Ltd., and 30% by another Cypriot company, Maravio Capital Ltd. Envirtus, until late 2024, was co-owned by two Swiss firms: Al Mava Holding, controlled by Greek restaurateur Dimos Stasinopoulos, and Xavier Investments, linked to renewable energy entrepreneur Loukas Lazarakis. But on December 19, 2024, Lazarakis sold his stake in Envirtus to Stasinopoulos, making him the sole owner—and by extension, the majority stakeholder in Kedros Capital.
The remaining shares are controlled by Panos Papamichalopoulos, Kedros Capital’s CEO and a former senior executive at Piraeus Bank, one of Greece’s largest lenders. His career at the bank ended abruptly after a 2017 investigation by the Bank of Greece exposed serious irregularities in dealings between Piraeus and the Libra Group, a global investment group with deep roots in Greece. The same Bank of Greece report referenced entities tied to both Lazarakis and Stasinopoulos, suggesting a long-standing financial network operating on the margins of regulatory oversight.
Though the Libra-Piraeus scandal never reached a courtroom—thanks to a 2019 Greek Government amendment to Greece’s Penal Code that limited the prosecution of bank officials without a formal complaint from the bank itself— the protagonists of the scandal found themselves thrust into the spotlight of both Greek and foreign media. Despite this background, both Stasinopoulos and Papamichalopoulos have resurfaced at the heart of a major state-supported energy project, raising concerns about the standards DEPA Commercial uses to vet its advisors.
The web of connections grows even more tangled when one considers that Papamichalopoulos has reportedly collaborated in the past with Christos Petrocheilos, a Greek energy entrepreneur whose firm KIEFER became a preferred partner of DEPA Commercial. In 2021 and 2022, without public tenders, DEPA acquired two companies controlled by Petrocheilos—North Solar and North Solar 1—both of which held little more than paper licenses for solar projects at the time of purchase. These companies have since secured full grid connection offers, thanks in part to regulatory changes enacted in mid-2022 that reprioritized access to the energy grid.
The timing of these acquisitions, the absence of competitive bidding, and the rapid regulatory approvals have fueled speculation about favoritism and insider dealing. Petrocheilos not only managed to sell his companies at a significant profit but is now in charge of constructing all of DEPA Commercial’s renewable energy projects. He also enjoys, by all accounts, the full support of Konstantinos Xifaras, DEPA’s CEO—support that appears to extend to Stasinopoulos and Papamichalopoulos as well.
Kedros Capital Retracts Claim of Involvement with DEPA (upd)
Today’s in-depth investigative report by Dnews.gr on the Larissa Thermoelectric power plant project and the alleged links between DEPA Commercial and Kedros Capital—based on an official statement posted by Kedros Capital on May 30, 2025—prompted immediate reactions, clarifications, and retractions.
Panos Papamichalopoulos, CEO of Kedros Capital, addressed the matter in a formal letter sent to the editorial team of Dnews.gr on the afternoon of May 31. In his statement, he sought to clarify that Kedros Capital S.A., which he legally represents, has never had any contractual relationship with DEPA Commercial S.A., the state-backed energy company, nor has it ever provided the company with financial advisory services related to the construction of a natural gas-fired power plant in the central Greek city of Larissa. He noted that the original post issued by Kedros Capital suggesting such a role had been made in error and has since been corrected.
Papamichalopoulos also clarified his own past collaboration with DEPA, stating that it dates back to 2020 during his tenure as Associate Partner and Head of Infrastructure Advisory at EY Greece. At that time, EY had collaborated with DEPA in a financial advisory capacity, evaluating energy investments. In closing, he expressed his willingness to provide any further information and called for a prompt correction to the original article “in the interest of accuracy and comprehensive reporting.”
His statement was echoed by Kostas Xifaras, CEO of DEPA Commercial, who also submitted a letter to Dnews.gr confirming that Kedros Capital was not involved in any advisory role in the Larisa project. Xifaras emphasized that the financial advisor for the Larisa Thermoelectric initiative was Deloitte. He further noted that DEPA has already sent a formal request to Kedros Capital’s CEO to issue a public correction regarding the company’s earlier claim.
