Econostrum | Economic News in the Mediterranean

Olympia Odos wins the extension of the Athens-Korinthos-Patras motorway

Written by Eric Apim on Tuesday, March 22nd 2022 à 16:00 | Read 928 times

The extension of the motorway includes a new 75 km section (photo: Vinci Concessions)
The extension of the motorway includes a new 75 km section (photo: Vinci Concessions)
GREECE / FRANCE. Olympia Odos announced on Monday 21 March 2022 that it had won the tender to extend the Athens-Patras motorway (A8). The 29.9%-owned subsidiary of French company Vinci Concessions (Vinci Group) has already been the concessionaire since the motorway was opened in 2017 and will continue until 2038.

This new 75 km section (out of a current 277 km motorway) will link Patras to Pyrgos. Motorists will save forty minutes in travel time. It will improve road safety and support the economic and tourist development of the Peloponnese region, notably by facilitating access to the historic site of ancient Olympia and strengthening connections with Greek ports.

Olympia Odos is owned by Vinci Concessions (29.9%), Germany's Hochtief Solutions AG (17%), Greece's Avax S.A. (19.1%), Aktor Concessions (17%) and Gek Terna (17%).

331 million in investments

Vinci Concessions and its partners are responsible for the design, financing and construction of this new section. They will manage its operation until 2044 and will be remunerated through a toll.

The €331m investment required for this extension to the west of the Peloponnese peninsula includes €217m from the Greek government. The remainder will be provided by a bank loan with a maturity of almost 15 years taken out by the shareholders of Olympia Odos.

With this new section, Vinci will manage 544 km of concessionary motorways in Greece (Pont-Rion/Antorion, Maliakos-Kleidi, Athens/Corinth/Patras/Pyrgos). "The new motorway section between Patras and Pyrgos is an illustration of the solid and long-lasting relationship between Vinci Concessions and the Greek authorities", commented Nicolas Notebaert, Managing Director of Vinci Concessions.

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