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

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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