Aegean Airlines’ new 140 mln euro investment in the Athens International Airport

Aegean is making a big investment as yesterday it became known that it is proceeding with the use through the concession of three buildings from the Athens International Airport until 2046. The investment concerns the development of crew training and aircraft maintenance services and amounts to 140 million euros which will be completed over a period of 5-7 years.

With this move, Aegean changes the status in the field of air transport, as it enters the club of those companies that provide this type of service themselves (and which are now measured), raising its global status even more.

In addition, while there are several crew schools scattered throughout the country, this is the first attempt to provide an integrated service that will cover not only Aegean’s needs but will also be offered to third-party companies. Essentially, services that were found for years only abroad are being repatriated.

Aegean is increasing its momentum

This will also mean the general upgrading of the country in the global aviation industry, with Aegean leading the way by creating conditions for further development of the sector. It is no coincidence that the company calls the move a “support services ecosystem” since it really creates a new environment.

This double move means the further development of Aegean as a leading force not only in the domestic market but in the wider region. This investment comes in addition to the large purchase of 46 Airbus neo aircraft, which offers the company, beyond the obvious cost reduction, a significant advantage over the competition.

According to the data provided by the company, 500 direct jobs and another 600 indirect jobs in specialized professions will be created over the course of seven years. It will create an Aircraft Maintenance Service Center and the first Flight Simulator and Crew Training Center in one of Europe’s first “green” Hangars.

The three buildings with a total area of 85,000 m2 are located within the Athens airport, which is also being upgraded. Now at “El. Venizelos” aircrafts will be able to approach not only for commercial reasons but also for the provision of services. It is established as an important aviation hub which will provide – through Aegean – a bouquet of services that will strengthen its position in the wider region.

Vassilakis: Greece and the AIA are on the map

The financing of the entire project will be covered by equity, bank loans, while the president of Aegean, Eutychis Vassilakis, did not rule out the search for resources from the Recovery Fund. As he revealed, this investment was being prepared internally since the beginning of 2022, while a consultant for the execution of the project will also help in this effort. As he said, it is an investment initiative for a service ecosystem with a national impact as it creates a service production hub for heavy aircraft maintenance as well as training.

In these facilities, 3,000 pilots and 10,000 crew members will be able to be trained annually (in full operation) while 36,000 simulation hours will be covered. According to the Managing Director of Aegean, Dimitris Gerogiannis, the start of the first services is placed at the end of 2023. “We are loyal to continuous development, we are expanding our know-how and creating the conditions for new activities,” he said characteristically.

He emphasized that the development of the aviation industry created increased needs for maintenance centers. In essence, Aegean believes that it is entering the market at a good time, increasing its presence in the aviation industry.

However, the investment also has green characteristics. The three buildings will receive a strong “lifting” which will include their energy upgrade and the installation of 35,000 square meters of 3MW solar panels. They will be able to produce 4.5GW annually.

The already existing Olympic Air Engineer Training School, with a strong operating tradition, will also join the same ecosystem, as well as the AEGEAN Pilot Training Organization, which is already operating.