AKTOR is targeting a 51% stake in DEPA’s hybrid renewable and battery portfolio valued at around €370 million, as Greece’s storage market consolidates. Under a binding memorandum, AKTOR would acquire majority control of the relevant project companies while DEPA Commercial would keep the remaining 49%. The portfolio combines hybrid photovoltaic capacity with battery storage and energy management functions.
The transaction involves project companies linked to a portfolio of 221.1 MW of hybrid photovoltaic assets and 250 MW of standalone battery energy storage capacity. The hybrid projects also include battery systems with a maximum injection capacity of approximately 221.1 MW. Environmental approvals have already been secured for the projects.
Despite the environmental clearances, the projects still need grid connection offers and additional corporate approvals. As a result, the deal is described as a major development milestone rather than final investment approval. The memorandum sets out the ownership split between AKTOR and DEPA Commercial.
Under the proposed structure, DEPA Commercial would manage the electricity generated by the portfolio. That arrangement links asset ownership with electricity trading and portfolio optimisation. It also places operational responsibility for market participation within the DEPA Commercial role.
Hybrid portfolios tied to wholesale and balancing optimisation
Greece’s renewable power economics are increasingly influenced by low midday prices, renewable curtailment and higher evening prices. The market conditions are encouraging developers to move beyond standalone solar projects toward integrated portfolios combining generation, storage and energy management. The AKTOR-DEPA structure reflects this shift in project design.
The commercial value of the portfolio is expected to depend on both generation volumes and timing of delivery into the market. Battery systems can absorb solar output during periods associated with weak or negative prices and then release it during higher-value hours. An integrated trading platform is intended to optimise portfolio performance across wholesale and balancing markets.
This approach is gaining relevance as Greece expands its solar fleet. The country has installed around 13.8 GW of photovoltaic capacity, which increases pressure on daytime capture prices as more solar generation enters simultaneously. At the same time, evening scarcity can still lead to significant wholesale price spikes.
Scale focus as Greece’s battery sector consolidates
The portfolio also points to consolidation in Greece’s battery storage sector. As projects progress from early-stage development into portfolios measured in hundreds of megawatts, scale becomes more important for equipment procurement, financing, grid access and route-to-market strategies. A portfolio valued at around €370 million is therefore positioned as more than a set of individual assets.
The model described in the memorandum combines renewable generation, battery storage and electricity trading under a coordinated commercial strategy. It is also presented as a way to provide flexibility in managing renewable output rather than selling solar generation only when it is produced. Operators would use batteries and trading capabilities to determine when electricity should be injected into the market, subject to technical and market constraints.
The need for that flexibility is linked to periods of oversupply during daylight hours driven by rapid solar growth. In parallel, Greece’s renewable market is shifting from adding capacity toward a broader focus on flexibility and energy optimisation. The growing role of battery storage changes how project value is assessed beyond installed megawatts or annual electricity production.
The ability to shift output, manage market exposure and participate across multiple electricity markets is described as an increasingly important element of project economics. For AKTOR and DEPA, the proposed transaction would create a larger platform combining generation, storage and trading capabilities. For the wider Greek market, it reflects an evolution toward larger, more integrated battery projects connected to existing renewable portfolios.