AKTOR is targeting a 51% stake in DEPA’s €370 million hybrid portfolio as Greece’s battery storage market shifts toward larger integrated project platforms. Under a binding memorandum, AKTOR would take majority control of the relevant project companies while DEPA Commercial would keep the remaining 49%. The portfolio combines hybrid photovoltaic capacity with battery energy storage and is supported by environmental approvals.
The proposed transaction covers hybrid photovoltaic projects totalling 221.1 MW 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. Together, the portfolio is designed to combine renewable generation, storage and energy management functions. Environmental approvals have already been secured for the projects.
Despite the environmental clearances, the projects still require 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 binding memorandum sets out the ownership split between AKTOR and DEPA Commercial. AKTOR would acquire 51% of the relevant project companies, with DEPA Commercial retaining 49%.
The transaction structure is linked to electricity trading responsibilities, with DEPA Commercial managing the electricity produced by the portfolio. This arrangement connects asset ownership with electricity trading and portfolio optimisation activities. The commercial value is therefore tied not only to generation volumes from the solar assets but also to timing of when electricity reaches the market. Battery operation is intended to support that timing across different price conditions.
Hybrid portfolios aligned with wholesale and balancing market conditions
Greece’s renewable power economics are increasingly influenced by low midday prices, renewable curtailment and higher evening prices. This pricing pattern is pushing developers beyond standalone solar projects toward integrated portfolios combining generation, storage and active energy management. The AKTOR-DEPA structure reflects this shift in project design. It also places emphasis on how batteries can change when electricity is injected into the market.
Batteries can absorb solar generation during periods associated with weak or negative prices and then release it during higher-value hours. An integrated trading platform can optimise portfolio performance across wholesale and balancing markets. The approach is presented as increasingly relevant as Greece expands its solar fleet. The country has already installed around 13.8 GW of photovoltaic capacity.
The scale of installed solar capacity increases pressure on daytime capture prices as more generation enters the system simultaneously. At the same time, evening scarcity can still lead to significant wholesale price spikes. Hybrid assets are positioned to capture value from both conditions by shifting electricity from low-value periods into hours when demand and prices are higher. This operational flexibility is tied to both technical constraints and market rules.
Consolidation in Greece’s battery storage sector
The portfolio also reflects consolidation trends in Greece’s battery storage market toward larger project groupings measured in hundreds of megawatts. As storage projects move beyond early-stage development into larger portfolios, scale becomes more important for equipment procurement, financing, grid access and route-to-market strategies. A portfolio valued at around €370 million is described as more than a set of individual assets. It points to integrated energy platforms combining generation, storage and electricity trading.
The model provides developers with flexibility in managing renewable output rather than selling solar generation whenever 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. This becomes relevant in a market where rapid solar growth increases periods of oversupply during daylight hours. For AKTOR and DEPA, the transaction would create a larger platform combining generation, storage and trading capabilities.
More broadly, Greece’s renewable market is moving from adding generation capacity toward greater focus on flexibility and energy optimisation. With battery storage playing a larger role, project value depends less solely on installed megawatts or annual production volumes. Instead, it increasingly reflects the ability to shift output, manage market exposure and participate across multiple electricity markets. The next stage of Greece’s energy transition is therefore linked to how effectively renewable capacity can be stored and delivered when needed by the system.