Several major Greek companies are exploring opportunities and alliances to gain a foothold in the eventual reconstruction of Ukraine. The World Bank has estimated the cost of rebuilding the country at $500 billion, with some analysts placing the figure even higher.
Romania is emerging as a strategic hub for Greek-listed firms, serving as a “bridge” for expansion into Ukraine once conditions allow. Alexandros Exarchou, president and CEO of the AKTOR Group, underlined Romania’s role as a key regional hub for Central and Southeastern Europe in an interview with Romanian outlet The Diplomat.
GEK Terna: Railway contracts in Romania
GEK Terna already has a strong presence in Romania, having secured two major railway projects worth a combined €1 billion. In partnership with Alstom Romania, the company was named provisional contractor for the design and full upgrade of an 83-kilometer double railway line between Craiova and Igirosia, part of the Orient/East Mediterranean corridor.
PPC (DEI): Energy cooperation with Ukraine’s DTEK
Public Power Corporation (PPC) of Greece, through its subsidiary PPC Romania, is in talks with Ukrainian utility DTEK to develop energy storage systems. PPC is strengthening its role in the regional energy corridor connecting Ukraine, Romania, Bulgaria, and Greece.
Metlen: Expanding renewables footprint
Metlen has an extensive renewable portfolio in Romania, including solar projects totaling 1,570 MW (1,070 MW for PPC Renewables). It has completed 230 MW, with 570 MW under construction and the rest in the pipeline. The company also plans 500 MW of energy storage units and has applied for a license to sell electricity directly to large consumers.
Metlen is also examining electricity exports to Moldova and potentially Ukraine via high-voltage interconnectors. On February 4, Romania’s energy regulator ANRE granted Metlen a license to supply electricity in the local market.
AVAX: Gas power plant in Romania
AVAX signed a €673.5 million contract on May 31 with Iraq’s Mass Group Holding to build one of Europe’s largest natural gas power plants, the MASS Mintia Power Plant, near Deva in Romania’s Hunedoara province. The facility will have a capacity of 1,750 MW and is scheduled for completion in summer 2026.
HELLENiQ Energy and Motor Oil: Solar investments
HELLENiQ Renewables is developing four solar parks near Bucharest with a capacity of 211 MW, expandable to around 600 MW. The projects, budgeted at nearly €200 million, are being built by Metlen. The company targets more than 1 GW of installed capacity by 2030.
Motor Oil’s renewable subsidiary MORE holds a 49% stake in a joint venture with Alive Renewable Holding Limited to develop two solar parks with a combined capacity of 86 MW in Buzău.
Market outlook: Energy costs and postwar shifts
Business leaders highlight that peace in Ukraine could lower energy costs across Europe, improving profitability for listed companies. However, analysts caution that any U.S.-mediated settlement could favor American firms with preferential contracts, particularly in mining and infrastructure.
Investment banks including Citi and BNP Paribas note that a postwar environment would benefit high-risk assets and sectors such as chemicals, construction, automotive, and travel, while reducing demand for safe havens like gold and defense stocks. NATO Secretary-General Mark Rutte has nevertheless warned that military spending in Europe will likely continue, albeit at a slower pace.
Despite the uncertainty, the prospect of reconstruction has already boosted sentiment in European markets, with falling oil prices easing inflation pressures. Analysts at Deutsche Bank and Neuberger see a potential “deflationary wind” from a cease-fire, particularly in Central and Eastern Europe.
