Exarchou–Xifaras Energy Axis: After LNG, AKTOR and DEPA Push €370m into Renewables

The agreement for AKTOR to acquire a 51% stake in DEPA Commercial’s renewables and energy-storage development portfolio is more than a standalone transaction. It expands the two groups’ partnership from LNG into electricity generation and battery storage, covering a 471.1 MW pipeline and an estimated total investment of around €370 million.

The relationship between DEPA Commercial, led by Konstantinos Xifaras, and the AKTOR Group, led by Alexandros Exarchou, is evolving into a broader strategic energy partnership.

The two groups are no longer cooperating solely in natural gas. Following their joint move into LNG trading, they are now extending their alliance into two of the most important areas of the energy transition: renewable power generation and energy storage.

AKTOR Renewables, a wholly owned subsidiary of the AKTOR Group, has signed a binding Memorandum of Understanding to acquire a 51% stake in companies developing DEPA’s portfolio of renewable-energy and storage projects. DEPA Commercial will retain the remaining 49%.

The structure of the transaction is important: DEPA is not exiting the projects. Instead, it is bringing in a strategic partner to jointly develop, mature, build and ultimately operate them.

From LNG to Power: The Second Chapter

The renewables agreement carries additional strategic significance because it builds on an existing partnership that has already moved into commercial activity.

The first major chapter opened with Atlantic SEE LNG Trade, the joint venture through which AKTOR and DEPA entered the LNG import and trading market.

The venture was designed to leverage Greece’s energy infrastructure and its position as an entry point for natural gas destined for Southeast, Central and Eastern Europe, including through the Vertical Gas Corridor.

The partnership has subsequently acquired a long-term dimension in US LNG supply.

Now the two groups are adding another layer to that relationship: physical electricity-generation and storage assets.

The strategic chain is becoming increasingly clear:

LNG → regional energy corridors → renewable generation → battery storage.

The New Portfolio: 221.1 MW of Solar Plus 250 MW of Batteries

The portfolio covered by the agreement consists of two main categories.

The first includes hybrid renewable-energy projects comprising photovoltaic plants with total installed capacity of 221.1 MW, combined with battery energy-storage systems.

Environmental approvals have already been secured for these projects, while applications for Final Connection Offers have also been submitted.

The second category consists of standalone battery energy-storage systems with maximum injection capacity of 250 MW.

Together, the two categories create a development pipeline of 471.1 MW.

That scale makes the transaction considerably more important than a simple acquisition of minority renewable assets. It gives AKTOR immediate exposure to a sizeable pipeline while allowing DEPA to remain invested in its future value.

The €370 Million Investment – And the Critical Grid Connection Factor

Subject to obtaining the necessary grid connection terms, the total investment required for the full development and construction of the portfolio is estimated at approximately €370 million.

Financing is expected to combine equity and debt, while construction is estimated to require approximately 18 to 24 months following the securing of connection terms.

Completion of the transaction is expected during the fourth quarter of 2026, subject to the relevant conditions and approvals.

One distinction is particularly important: the €370 million figure does not represent the price AKTOR is paying for the 51% stake. It represents the estimated investment required to fully develop and construct the entire portfolio, assuming the projects obtain the necessary grid connections.

What DEPA Gains: Lower Risk While Retaining 49%

For DEPA Commercial, the transaction offers a clear strategic advantage.

By retaining 49%, DEPA remains exposed to the potential future value of the projects. At the same time, bringing AKTOR into the portfolio allows the company to share the financing requirements and development risks associated with a sizeable pipeline.

This could become particularly important for projects still awaiting grid connection terms, one of the most significant bottlenecks facing renewable-energy development in Greece.

The partnership also fits DEPA’s wider transformation.

Historically centred on natural gas, the company has been progressively expanding its footprint across electricity generation, renewables and storage. The AKTOR transaction provides another vehicle through which that diversification can accelerate.

What AKTOR Gains: Scale for Its New Energy Pillar

For AKTOR, the strategic rationale is different but equally significant.

The Group gains majority exposure to a substantial portfolio of photovoltaic and battery projects without having to originate every project from the earliest development stage.

The deal also fits directly into AKTOR’s broader transformation from a traditional construction group into a diversified infrastructure and energy player.

Energy has become one of the central pillars of that strategy.

AKTOR plans to invest more than €1 billion by 2028-2029 to build a renewable-energy and storage portfolio approaching 1.3 GW, according to the Group’s stated plans. Its pipeline already includes photovoltaic, wind and storage assets.

Battery storage is particularly important to that strategy.

As renewable penetration increases, storage becomes increasingly valuable to the electricity system because it can absorb power during periods of high renewable production and release it when demand and market prices are higher.

Exarchou and Xifaras: A Partnership Gaining Strategic Depth

This is ultimately what makes the latest agreement stand out.

The first major partnership between the two groups was built around LNG. The second is being built around renewables and storage.

That does not, by itself, establish that additional transactions will follow. But it does show that the AKTOR–DEPA relationship has expanded into two complementary parts of the energy market.

For AKTOR, the agreement adds scale and assets to its rapidly developing energy business.

For DEPA Commercial, it creates a mechanism for advancing green projects while sharing capital requirements and development risk without surrendering participation in their future value.

And for Greece’s energy market, the transaction reflects a broader shift.

The next investment cycle is no longer simply about building additional solar and wind capacity. Increasingly, it is about combining renewable generation, storage, energy trading and cross-border infrastructure into integrated energy platforms.

That is where the Exarchou–Xifaras partnership is now positioning itself.

Source: Pagenews.gr