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TERNA reduces its stake at Kasteli Airport concession consortium by 30%

Νίκος Καραγιάννης

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Μακέτα του Νέου Αεροδρομίου στο Καστέλι Ηρακλείου

The shareholder structure of the concession scheme for the new International Airport in Kastelli Heraklion, Crete, is changing. As it has been announced, TERNA transferred 30% of its shares to the Indian GMR (which initially participated with 10%). As a result TERNA now holds 60% and GMR 40%.

It is noted that this concerns exclusively the shareholder structure from the concessionaire’s side as a key component of the consortium’s offer, led by the Greek technical company, was the participation of the Greek State with 45,9% and 180m euros, covered by an EIB loan.

Thus, on the basis of the above, with the entry of the State, the percentages of TERNA and GMR in the final scheme will be further reduced. The administration and operation of the Airport will remain in the hands of the consortium. Nevertheless, it is reminded that the Indians of GMR are known as airport operators and not as contructors.

The construction will be undertaken by TERNA, which will have a 5-year period ahead to complete the project. Interestingly enough, preliminary works are currently underway and, upon their completion, the 5-year construction period will finally start. Preliminary works are now in progress concern mainly archaeological surveys, the delimitation of expropriated zones as well as additional studies.

Nikos Karagiannis-ypodomes.com

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GEK TERNA: 1.7bn-euro backlo, strong profits and new projects

Νίκος Καραγιάννης

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Γιώργος Περιστέρης

A backlog of 1.7b euros was announced earlier today by GEK TERNA in a press release on the annual financial results for 2019, maintaining strong prospects of healthy construction activity for the coming period.

The new projects undertaken by the Group concerns -among others- the construction of the new Heraklion International Airport in Kastelli (Crete), the construction of the southern section of Kentriki Odos-E65 Motorway, the participation in the reconstruction of Tesla Airport in Belgrade (Serbia), the development of Cyprus Casino in Limassol, as well as a number of other projects both in Greece and abroad.

The construction turnover for third parties last year amounted to 679.8m euros, compared to 94m euros in 2018. Also, operating profit(adjusted EBITDA) stood at 10.9m euros compared to 32.1m euros in the previous year.

As the Group’s CEO, Mr. Giorgos Peristeris commented on GEK TERNA’s investments: “We have already launched a broad investment program of about 3b euros in the sectors of clean energy, energy storage with pumped storage hydropower, gas-fired power plants, environmental projects and waste management infrastructure, while we expect developments in new investment initiatives in which we participate, worth more than 1bn euros.”

It is noteworthy that the total power of the Group’s RES facilities in operation or under construction now reaches 2,000 MW. Investment in the clean energy sector alone reached 260m euros.

In the concessions sector, a new addition has been the concession company for the new International Airport in Heraklion, for which the concession contract was signed with the Greek State on February 21, 2019. On March 27, 2019, the Group, through TERNA Energy, put into operation Epirus Waste Treatment Unit with an average annual capacity of 105,000 tons. The total equity amounted to 767m euros.

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Tender for Crete University large PPP building project proceeds with 6 contenders

Νίκος Καραγιάννης

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Κτιριο, Κατασκευές, Φοιτητικές Εστίες

Six out of seven companies that have expressed their interest for the largest PPP building project of all time -regarding the construction of student dorms for the University of Crete, with an estimated cost of 255m euros (VAT incl., excl. VAT: 205.94m euros)- were qualified to the next stage of the tender.

The companies-consortia that are still in the tender are:

1. GEK TERNA, 2. AKTOR CONCESSIONS, 3. AVAX, 4. INTRAKAT, 5. J/V MYTILINEOS-ATESE and 6. ARCHIRODON GROUP NV, making THEMELI the only company that did not make it to the next phase. The tender, with University of Crete as the contracting authority, took place on February 24.

It is the first project of its kind and is expected to trigger similar projects in other university institutions in the country. It concerns the construction of new building complexes in the Univesity’s 2 Campuses in Rethymno and Heraklion.

More specifically, 2,000 student residences will be built in “Gallos” University Campus and 1,000 residences in Heraklion. A study concerning the construction of an amphitheater in Galllos Gampus -which will be used as a conference center- is also included in the project.

The next steps

The tender is held in two phases: The expression of interest opened the relevant procedure. Now, with the participation of the 6 companies, the second phase of the tender begins, where we will have two “sub-stages”.

In the Phase B1, the “competitive dialogue” takes place with the participation of bodies, contracting authority and participants, from which the final scope of the project will emerge.

In B2 Phase, the binding offers will be submitted. It may or may not be a coincidence, but the first major infrastructure project to be auctioned in the new decade will be a PPP. Crete is also emerging as a “center” of major infrastructure projects as this project comes after Kasteli Airport, VOAK Motorway and the upgrade of Chania Airport by Fraport Greece.

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Epirus claims the advent of the railway in the region

Νίκος Καραγιάννης

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Σιδηροδρομική Ασφάλεια

Epirus Region sends an official request for the train to reach the area. The request concerns the examination by the Ministry of Infrastructure and Transport of the maturation of a railway project that will connect Epirus with the national network of the country, thus reaching Ioannina and the port of Epirus, Igoumenitsa.

In the Regional Council, held on May 15, it was unanimously decided to send the above request in order to push the State to investigate the possibility of such a public investment with funding from the new programming period, i.e. NSRF 2021-2027. More particularly, the Region is calling for the construction of a new 147km railway line from Kalambaka to Igoumenitsa as this project is still environmentally licensed. In essence, we are talking about the completion of the so-called “Railway Egnatia”.

Kachrimanis (Epirus Governor): 110 years of promises – We will claim the advent of the railway

As the Regional Governor of Epirus, Mr. Alexandros Kachrimanis, told ypodomes.com, Epirus has a long history of announcements -of over a century- regarding the advent of the train. On July 17, 1911, the newspaper “Epirus” wrote about an announcement according to which railway would reach the town of Ioannina.

“From that point an on, every now and then, we talk about the arrival of the railway in the area but we never get to its implementation. There is no provision for this even now, but we, the people of Epirus, said that we will claim that the railway reaches Ioannina and Igoumenitsa”, he noted.

In fact, as Mr. Kachrimanis reveals, the Region, with its own resources, prepared a preliminary study for a new single-track railway line Igoumenitsa-Ioannina-Argyrokastro and from there an additional connection with a railway line from the town of Kozani.

“Let me remind you of the projects that started in the 1930s for the line to reach Kozani and never ended. Also during Mr. Vereli’s secretaryship, there was again a promise that was not kept”, emphasizes Mr. Kachrimanis, who even reveals that in the period 2005-2008 several studies were prepared but there was never a follow-up.

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