Resumption of work on two large Greek motorway concession projects in which
VINCI is a shareholder
*A total investment of €3.1 billion
*More than 10,000 jobs generated
*Set to open to traffic by the end of 2015
RUEIL-MALMAISON, France -- January 20, 2014
Following three years of intensive work with the Greek government and its
financial partners, VINCI (Paris:DG) announces the resumption of construction
work on the 365 km motorway between Athens and Tsakona and the 240 km motorway
section between Maliakos Bay and Kleidi.
The two concession projects underwent in-depth restructuring that made it
possible to complete their refinancing in December 2013 and to resume
construction work at the beginning of 2014. The two projects account for a
total investment of €3.1 billion (Athens-Tsakona: €1.8 billion,
Maliakos-Kleidi: €1.3 billion).
VINCI Concessions is a 30% shareholder in the Olympia Odos company, which
holds the concession for the Athens-Tsakona motorway, and a 15% shareholder in
the Aegean Motorway company, which holds the concession for the
The resumption of these projects, which are crucial to Greek infrastructure
competitiveness, illustrates the long-term strength of the public-private
partnership model, notwithstanding cyclical fluctuations. In addition, the
projects boost local economic development. The resumption of work with a view
to opening the motorways to traffic by the end of 2015 will account for about
10,000 direct and indirect jobs during peak construction. Motorway operation
will consolidate about 1,000 jobs.
Olympia Odos, the 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 financing arrangements were completed in August 2008. The project involves
the financing, construction, repair and 30-year operation of 365 kilometres of
toll motorways linking Athens to Tsakona in the south-west of the Peloponnese
via Corinth and Patras in the first phase. Of the total, 82 kilometres already
exist, 120 kilometres are to be renovated and widened and 163 kilometres of
new motorway will be built in the second phase. The project includes the
construction of 19 kilometres of tunnels, more than 400 bridges (new
construction and renovation) and about 20 interchanges.
Aegean Motorway, the concession company bringing together VINCI Concessions
(15%), Hochtief and several large Greek companies including Aktor Concessions
and J&P-Avax, signed the 30-year concession contract with the Greek government
in June 2007. It covers an existing motorway section between the country's two
largest cities, Athens and Thessaloniki.
The financing arrangements were completed in March 2008. The project involves
the financing, construction, repair and operation of the 240 km toll motorway
section between Maliakos Bay and Kleidi. Of the total, 210 kilometres of
motorway are to be renovated and widened and 30 kilometres are to be built in
the foothills of Mount Olympus, including three tunnels with lengths of 1.9
km, 6 km (the longest tunnel in the Balkans) and 3 km, nearly 1,000 bridges
(new construction and renovation) and several interchanges.
Maxence Naouri: +33 (0)1 47 16 31 82
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