The tender for the concession of Egnatia Odos, conducted by the HRDH, will become a “race for three”, as the latest developments show. According to available information, although those who initially expressed interest can attend the process, the data have changed. Some teams did not renew their participation guarantee, as a result of which they will not be able to participate in the final phase.
It should be reminded that initially, on December 11, the bidding process was carried out with only one participation, that of the GEK Terna scheme with Egis Projects. Subsequently, there were appeals from the other two schemes, with the result that the HRDH proceeded to repeat the process. The new deadline for submission of bids is April 1, 2021.
The interested schemes
The GEK TERNA-Egis Projects scheme will be present again, while both schemes that caused the repetition of the process enter the game. We refer to the scheme AKTOR Concessions-Roadis Transportation Holding and the scheme Vinci Highways and Vinci Concessions with Mytilineos Holdings which was strengthened with the presence of AVAX.
Another interesting element of the upcoming date is that the sale of Reggeborgh shares by the GEK TERNA group, dissolves any shadows that had been created by the parallel holding of shares in the ELLAKTOR group.
What is widely accepted in the market is that whoever acquires the Egnatia Odos, automatically becomes the “king of highways”. The Egnatia Highway attracts interest due to its size and strategic location as in addition to being connected to 3 other highways (Ionian Road, Aegean Highway and in the future with Ethniki Odos-E65), it also includes three vertical axes that connect the country with N. Macedonia, Albania and Bulgaria.
More specifically, the object of the concession is the main axis from Igoumenitsa to the Gardens of Evros, 658 km long, and the vertical axes Siatista – Krystallopigi, Chalastra – Evzoni and Thessaloniki – Promachonas, with a length of all 225 km.
Who will become the “king of highways”
If in the competition the shape of GEK TERNA prevails, then the specific group will have a presence on 4 highways with a length of almost 1,700 kilometers. Accordingly, if the shape of AKTOR prevails, it will have a presence on 5 highways with a length of almost 1,600 kilometers. Finally, if the VINCI scheme is the concessionaire, we will talk about a presence on 4 highways (5 for AVAX) with a length of over 1,450 kilometers.
The concession contract concerns the financing, operation, maintenance and operation of it, as well as of the three vertical road axes, for a period of up to 40 years. The interest in the bids that will be submitted is the amount as there are estimates for investments of 1.5 billion euros, half of which will have to be directed to upgrade and maintenance projects. The part of the works that concerns the numerous tunnels of the axis is considered extremely important.
Also in the object of the competition is the upgrade to a highway of the vertical axis that connects Thessaloniki with Evzoni, on the border with Skopje.
For the HRDH it is also a crucial competition as it will close a case of years while the income is expected to be very high.
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