GEK TERNA, the “firm” hand in construction – 4 billion for investments

With a strong financial structure, important projects in progress, participation in all new major projects and a plan for the implementation of new projects amounting to 4 billion euros, GEK TERNA Group is today the steady steering wheel in the field of construction in the country. A force that has managed in the midst of very difficult -objectively- conditions to increase the scope of its work, while its given faith and choice in the projects of “clean energy” ranks it among the great “players” in energy investments.

According to the latest announced data, the group’s backlog amounts to approximately 1.7 billion euros, while it participates in tenders for projects worth more than 2.5 billion euros with 1.4 billion euros of them “locked”.

The successful strategy that leads to investments of 4 billion euros

The current situation has essentially proved that the group’s choice in the field of clean energy was wise as they are proved the most resilient in times of crisis worldwide.

Today, GEK TERNA has managed to have financial strength and confidence, promoting its impressive investment program, amounting to 4 billion euros while creating 20,000 jobs. Besides, the recent investment of funds from foreign funds in TERNA ENERGIAKI and previously in its parent company is not accidental.

GEK TERNA, operating as one of the main business pillars in the country, especially during the period of economic crisis, today confidently promotes an investment program of 4 billion euros, divided into energy and infrastructure.

More specifically, the first pillar of investments includes 2 billion euros in investments in energy and the circular economy in:

-RES installation works 700 million euros
-storage works through pumped storage of 800 million euros
-waste management projects 200 million euros
-power generation projects from natural gas 300 million euros

The second pillar includes investments of 2 billion euros in infrastructure in which the group participates:

-in concessions
-Kasteli
-Casino (IRC) in Elliniko

The front of projects

Today the biggest projects of the group concern the construction of the new airport in Kastelli, a project costing 480 million euros, the lignite plant “Ptolemaida 5”, costing 1.4 billion euros and the southern part of the E65 highway, from Lamia to its area Xyniadas, project costing 300 million euros.

In Kastelli, the concession project is moving within the official timetables and the continuation of executions of the necessary expropriations. The projects of this year are summarized in the configuration of the construction site, the necessary opening of roads for the access of heavy vehicles, the archeological excavations but also the maturation of the studies.The main construction object, which will be completed in 2025, is expected to start in 2021.

In the lignite unit “Ptolemaida 5” the project is in its final stage and according to the current schedule, the unit is scheduled to be put into operation in 2022.

Τhe southern part of the E65 highway, Lamia-Xyniada, is halfway through construction. The works are running satisfactorily and especially in the large tunnel of Othrios, as there are less than 400 meters left to be opened. The completion of the project is expected by the beginning of 2022,as it will be united with the operating section Xyniada-Trikala, creating a single axis of 111km that will cease to be “blind”.

In addition, the group participates in other major projects such as PPC Peloponnese, IPTO projects for the electrical interconnection with Crete, the TAP pipeline, but also private projects.

Major projects are also in progress in Cyprus and the Balkans. Especially in Cyprus we have the very big project of “City of Dreams”, a casino that is worth 270 million euros that GEK TERNA executes jointly with AVAX but also the second phase of the “Ayia Napa Marina”, a project that is worth 164 million euros.

Participation in new projects

GEK TERNA has a strong presence in the new major projects of Greece. The casino in Elliniko and the northern part of E65 are already “sealed” . For the “Integrated Resort Casino”, the Consortium of TERNA and Mohegan is the only contender. For this project everybody is expecting the decision of CoCafter an appeal of “Hard Rock”  (the trial is set for September 18) , but there is restrained optimism. It should be recalled that both HR’s precautionary measures and appeals to the Supreme Court of First Instance were rejected in the recent past.

If there is no negative answer, then the unsealing of the offers will proceed and the biggest building project of all times for Greece will be signed, since its budget reaches 1 billion euros, while at the same time it opens the way for the start of the main project of the large investment of Elliniko.

Negotiations are also underway by the Ministry of Infrastructure and Transport for the northern part of the E65, Trikala-Egnatia, which completes the highway. The € 400 million project, according to sources, has been successfully passed by the DG Regio and DG Comp management and this final approval is expected from a “horizontal”, cross-sectoral authority that will complete the request. The project is estimated to start within 2021

At the same time, the group participates in many large public, concession and PPP projects, such as VOAK, Egnatia Odos, the submarine of Salamis, the dormitories at the Universities of Crete, Thrace and Thessaly, etc.

The Natural Gas Unit planned by GEK TERNA in the area of Komotini is also of great importance. The investment of 300 million euros, once the final investment decision is made, will take shape in 2021.