Greek road works on again after refinancing
By Sarah Ann McCay20 January 2014
Work has restarted on two major motorway concession projects in Greece, following refinancing at the end of 2013.
The 365km motorway between Athens and Tsakona and the 240km motorway section between Maliakos Bay and Kleidi are now scheduled to open in late 2015.
Olympia Odos, a concession company bringing together Vinci Concessions (30%), Hochtief and three Greek partners, signed the 30-year Athens-Corinth-Patras-Tsakona motorway concession contract with the Greek government in 2007.
The project, worth €1.8 billion, involves the financing, construction, repair and 30-year operation of 365km of toll motorways. Of the total, 82km already exist, 120km are to be renovated and widened, and 163km of new motorway will be built in the second phase.
The project includes the construction of 19km of tunnels, more than 400 bridges and about 20 interchanges.
The Maliakos Bay and Kleidi project features Aegean Motorway, a concession company consisting of Vinci Concessions (15%), Hochtief and several large Greek companies. It also signed the 30-year concession contract with the Greek government in 2007.
With a total investment of €1.3 billion, the project involves the financing, construction, repair and operation of the 240km toll motorway section. Of the total, 210km of motorway are to be renovated and widened and 30km are to be built in the foothills of Mount Olympus. The project includes three tunnels and nearly 1,000 bridges.
The projects will account for about 10,000 direct and indirect jobs during peak construction. Motorway operation will consolidate about 1,000 jobs.