Further growth for VINCI Concessions in Greece
4 September 2006 - Acquisitions - Greece
The Greek government has decided to award the concession for one of the country’s most important road corridors to the Aegean Motorway Group consortium.
VINCI Concessions has a 13.75% interest in the consortium, which is led by the German contractor Hochtief. Several major Greek companies are consortium members, including Elliniki Technodomiki and J&P-Avax.
The 30-year concession contract covers the upgrade, construction, financing and operation of a 230 km section of existing motorway between Athens and the country’s second biggest city, Thessaloniki. The project will be financed by revenue from current traffic (about 20,000 vehicles a day), equity from the concessionaire shareholders, Greek government funding and a project-specific bank loan.
The works consist of improving about 205 km of the existing motorway between the Gulf of Maliakos and Thessaloniki, as well as building 25 km of new sections – including almost 10 km of twin-tube tunnels – in the mountains. Construction will take approximately 4.5 years and is worth about €720 million (under 2005 economic conditions).
The contract is expected to be signed by the end of 2006 with a view to starting the works immediately.
Coming after the success of the Rion–Antirion bridge, this contract strengthens VINCI Concessions’ position in Greece.
VINCI is a global player in concessions and contracting, employing close to 211,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.