Why a 692 MW Greek Portfolio Can Only Put 471 MW Onto the Grid

AKTOR Renewables has agreed to buy 51 percent of a Greek solar and battery portfolio from DEPA Commercial. The headline capacity is 692 MW. The grid will never see 692 MW from it. The gap between those two numbers explains most of what AKTOR is actually buying.

Key takeaways

• AKTOR Renewables, a wholly owned subsidiary of AKTOR Group, has signed a binding memorandum of understanding to acquire a 51 percent stake in a solar and battery storage portfolio in Greece from DEPA Commercial, which will retain 49 percent. Terms were not disclosed and completion is expected in Q4 2026.
• The DEPA Commercial portfolio comprises 221.1 MW of solar paired with 221.1 MW of battery storage under a shared maximum grid injection of 221.1 MW, plus a standalone battery portfolio with a maximum injection of 250 MW, for 692.2 MW of nameplate capacity and 471.1 MW of grid injection capacity.
• The hybrid projects are held through DEPA Commercial's subsidiary NEW SPES CONCEPT and were converted from solar-only to solar plus storage in September 2024, with new certificates from the Greek energy regulator RAEW allowing the batteries to charge from both the solar plants and the grid.
• Total investment to develop and build 100 percent of the AKTOR and DEPA Commercial portfolio is estimated at about €370 million ($426.30 million), and DEPA Commercial will manage the electricity the projects produce.
• Enerdatics records three battery storage transactions in Greece since the start of 2024, all announced in 2026 and totalling 1,192.2 MW, and none of them carries a disclosed deal value.

Why does a 692 MW portfolio only connect 471 MW?

Because in a hybrid project the solar plant and the battery share one grid connection. Maximum injection capacity is the most power a project is allowed to export to the grid at any moment. Adding a battery behind the same connection adds flexibility, not export capacity.

In the hybrid half of this portfolio, 221.1 MW of solar and 221.1 MW of storage sit behind a 221.1 MW limit. At midday the solar can fill the connection on its own. The battery earns its keep by soaking up output the connection cannot take, or by charging when power is cheap, then exporting after sunset when the solar has stopped.

So the 692.2 MW figure adds up three things that cannot all run at once. The number that governs revenue is 471.1 MW: 221.1 MW from the hybrids and 250 MW from the standalone batteries. Anyone comparing this deal with a plain 692 MW solar portfolio would overstate its output by roughly half.

Why were solar projects turned into hybrids in the first place?

The conversion was about the queue, not the batteries. A Greek project needs Final Connection Terms, the binding offer from the grid operator, before it can be built.

In September 2024 all NEW SPES CONCEPT projects were converted into hybrids and issued new Special Project Producer Certificates by RAEW. Those certificates incorporate storage and allow charging from the grid as well as from the panels. Leap's record notes that this improved the projects' priority for obtaining Final Connection Terms.

That matters for what AKTOR is paying for. Environmental approvals are in place across the portfolio. Applications for Final Connection Offers have been submitted for the solar plants. But connection terms are the gate, and the standalone batteries are expected to take roughly 18 to 24 months to implement once they secure theirs. AKTOR is buying into a portfolio whose timetable is set by the grid operator.

Enerdatics identifies two projects as likely members of the hybrid portfolio, based on the disclosed capacity, the locations and DEPA's audited disclosure: the 43.4 MW Aetofalia project in Delphi with a 43.4 MW, 170 MWh battery, and the 9.6 MW Koutros project, also in Delphi, with a 40 MWh battery. Battery duration is energy divided by power, and Aetofalia's works out at roughly 3.9 hours, close to the four-hour duration of the other Greek storage deals Enerdatics records.

Why would DEPA sell control but keep the trading?

Because the trading is the part DEPA wants. Under the agreement it will manage the electricity the projects produce, which fits its stated strategy of vertical integration across development, production, management and commercialisation.

For the standalone batteries, that role is the whole revenue model. They are expected to earn money through merchant participation in Greece's wholesale and balancing markets. Merchant means no fixed contract: income comes from energy arbitrage, buying low and selling high, and from paid balancing services. A battery with no offtake contract is only as good as whoever dispatches it.

For AKTOR, the deal forms part of AKTOR Group's development plan in the energy sector. The estimated €370 million ($426.30 million) to build the whole portfolio would be shared between the partners through equity and debt. DEPA already has a financing line in place: in July 2024 the European Investment Bank signed a €390 million ($425.06 million) framework loan with DEPA Commercial that includes financing for the NEW SPES CONCEPT solar plants.

The split is tidy. AKTOR takes majority ownership. DEPA keeps 49 percent of the upside and 100 percent of the dispatch. Enerdatics calculates the build estimate at about $0.90 million per MW of grid injection capacity, which is a construction cost, not a price for the stake.

Enerdatics' data shows how little of this market is visible in prices. Enerdatics records 26 renewable energy M&A transactions in Greece since the start of 2024. All three battery deals, including this one and two by ContourGlobal for 500 MW of four-hour storage in January 2026, carry no disclosed value. Priced Greek solar deals show a median of $1.22 million per MW across three transactions in 2024 and $0.71 million per MW across two in 2025. Of seven Greek deals recorded so far in 2026, only one carries a value, a wind transaction at $2.38 million per MW.

What does the deal signal for Greek solar and storage?

It signals that Greek storage is being bought on connection rights and route to market, not on megawatts. Buyers are paying for a place in the grid queue and for someone able to trade the output.

It also runs against a recent pattern. Greek utilities have been moving toward full control of assets, and investors in hybrid assets in Greece have taken majority stakes while leaving delivery and market management with the developer. DEPA is following the second template. For anyone benchmarking Greek storage, the open question is price. With no disclosed values on any battery deal, the priced Greek wind comparable remains a poor guide, because contracted wind and merchant storage are not the same asset.

Frequently asked questions

What is AKTOR Renewables buying from DEPA Commercial?A 51 percent stake in a Greek portfolio of 221.1 MW of solar paired with 221.1 MW of battery storage, plus 250 MW of standalone batteries. DEPA Commercial keeps 49 percent and will manage the electricity the projects produce.

Why is the grid capacity lower than the headline capacity?The solar and batteries in the hybrid projects share a 221.1 MW export limit. Only 471.1 MW of the 692.2 MW nameplate can be injected into the grid at any one time.

How much did AKTOR pay?The price was not disclosed. Enerdatics records no disclosed value on any battery storage transaction in Greece since the start of 2024.

Enerdatics tracks every renewable energy transaction in Greece and across Europe, including the storage deals that never publish a price. Explore the Enerdatics platform to benchmark grid capacity, ownership and deal terms before your next transaction.