Avax executives believe that the new contract signed with Mass Group Holding for the exploration, construction and operation of a new 1,750 MW natural gas and combined cycle power plant is of strategic importance to the group’s long-term prospects. . This is a project with a budget of 673.5 million euros, which will be built in the Romanian region of Deva and will be the largest power unit handed over to a Greek company.
This is the third consecutive project of the Mass Group from Jordan to the Avax group and the first in Europe. As Avax Group President Christos Ioannou said, “Mass Group has awarded us contracts worth around 1.6 billion euros.” In this context, taking advantage of the very important know-how that the Greek group has now begun to acquire, with the completion of this new project in the summer of 2026, the management of the listed company assesses that Avax will now be in a position to bid for even more important contracts in this particular category of projects. and on the territory of Europe, significantly expanding its technical capabilities and securing contracts of great value.
We are talking about the construction and operation of a gas power plant with a capacity of 1750 MW.
Recall that the cooperation of the Greek company with Mass Group began several years ago with the aim of building the second and then the third stage of the power plant in the city of Besmaya, Iraq, with a total capacity of 3150 MW. With the completion of the new project, Avax will supply units with a total capacity of 4.9 GW to MGH.
With the addition of this project, the outstanding balance of the Avax group is expected to approach 3 billion euros with the prospect of further growth to at least 3.2 billion euros, given that the company in a joint venture with the Italian Rizzani (40%-60% participation) is preferred partner of Lamda Development for the construction of the Vouliagmenis Mall complex. This is the largest construction project launched by Lamda itself in the Hellinikon area, costing 500 million euros. We are talking about the creation of a complex with a total area of 130,000 m2, as well as important underground parking spaces. About 85,000 sq.m. will concern the leasable area of the shopping center, and an additional 40,000 sq.m. will apply to offices.
Source: Kathimerini
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