of Eleni Botas
In the next phase, in order to proceed with the signing of the 35-year concession contract of Egnatia Odos, the process enters.
The scheme GEK TERNA (75%) – EGIS PROJECTS (25%), which emerged as the preferred investor in the relevant tender last summer, has submitted since the end of 2021, on the one hand the binding financing terms from two Greek systemic banks (Piraeus and Eurobank) and on the other hand the required proofs for the secured own participation, confirming, as required, the financial capacity of the consortium to pay the amount of 1.5 billion euros corresponding to the price.
The preparation by the GEK TERNA-EGIS PROJECTS consortium of the complete file with the rest of the contractual documents (loan agreement, design-construction contract, maintenance and operation contract, independent engineer contract, financial model auditor’s conclusion is in full swing). etc.), with the aim of submitting it to the HRDH by the end of May.
In the same context, the concession contract is finalized, which will be forwarded to the Court of Auditors for the relevant pre-contractual audit, as usual.
Following the finalization of the above contractual documents and subject to the issuance of a Joint Ministerial Decision for the adjustment of tolls imposed and collected on the Egnatia Odos highway and the three vertical road axes, the contract will be signed and the following and its ratification by the Greek Parliament.
As required by the concession agreement, after its signing, a number of conditions must be met by both the concessionaire and the Greek State (including the completion of the licensing of the tunnels at least as category E tunnels) in order for the concession start date to occur.
The total estimated time for the full completion of the process is estimated at 7-10 months, so the start of the concession period is expected around the end of 2022 or the beginning of 2023.
After the completion of the process, the Greek-French consortium GEK TERNA-EGIS PROJECTS will undertake for 35 years the maintenance and operation of the 658 km long road axis, as well as the 3 vertical road axes with a total length of 225 km, which are Egnatia O connections. with neighboring countries (Albania, Northern Macedonia and Bulgaria).
In addition, the contract stipulates that in the first 5 years of the concession the Greek-French consortium will proceed with a series of construction projects, including the heavy maintenance of the road, the interventions in the tunnels and the upgrading of parts of the “Chalastra-Evzoni” axes and “Thessaloniki-Serres-Bastion”.
The undertaking of the concession of Egnatia Odos is a development of key importance for the GEK TERNA Group, especially in the field of concessions.
Specifically, with the addition of this concession, the total portfolio of highways of the GEK TERNA Group will now exceed 1,500 km, as the Group also owns 100% of Nea Odos, 100% of Main Road and 17% of Olympia Odos. .
It is the largest portfolio of highways in the country and one of the largest in Europe.
Source: Capital
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