The financial closure for the concession of Egnatia Road to the sponsoring scheme GEK TERNA-EGIS PROJECTS is moved to 2023 as expected.

At the same time, with regard to the Attiki Odos,  the competition continues with great interest as scenarios for the level of performance in the new concession period are being considered.

In a meeting with journalists that took place yesterday, a detailed presentation of the TAIPED project was made and answers were given for both major competitions that attracted the public’s attention.

The pending matters belonging to Egnatia Odos

As mentioned by Mr. Dimitris Politis, CEO of TAIPED, in the case of Egnatia Odos we are dealing with outstanding issues between three parties. That is, the State, the concessionaire and finally TAIPED, as the contracting authority of this competition.

On the one hand, there are the outstanding issues that the State must bring to an end. These have to do with the licensing of the tunnels and the operation of the last toll stations, the process of which is ongoing.

Regarding the outstanding issues of the concessionaire. The financing agreements with the banks must be completed, as well as the agreements with subcontractors regarding the construction part. It should be recorded by Egnatia Odos SA. in detail what exactly the GEK TERNA-EGIS PROJECTS scheme receives.

Essentially for the first time in Greece, a concessionaire will take over a motorway in operation. It is therefore essential that it cannot know in detail where each infrastructure is located but also how it works. This is a massive process as we are talking about a highway that, together with the vertical axes, reaches 880 kilometers.

To give a size reference, these kilometers are equal to a sum if we add together Olympia Odos (up to Pyrgos), Ionian Motorway, E65 (complete) and the Aegean Motorway. The difference is that these axes were created or completed by each concessionaire while here there will be a transfer of an infrastructure from one legal entity to another.

The bottom line is that when there are all the above documents together with the tender documents and the contract that will follow at the AUDITOR’S Conference for approval. Then the sanction in the Hellenic Parliament will follow and finally the concession contract will be signed and the financial closure will take place.

The head of TAIPED noted that such is the volume of pending cases that remain to be closed that it is very difficult to complete the financial closure for 2022, giving an essential signal for the completion of the process in 2023.

Attiki Odos

Regarding the tender for the new concession period of the Attiki Odos, Mr. Politis said that on the 21st of the month a Board of Directors meeting will be held in which the agreement describing the procedures and conditions for the tenders, as well as the access, will not be approved of the eight investors in VDR.

At the same time, the NDAs have already been signed and the text of the concession agreement has now been completed, which is close to 700 pages and according to Mr. Politis will be given by the beginning of Autumn at the latest. This is something that investors expect.

With reference to the toll model, various models are considered that take into account the daily flows, the progress of projects, etc.

Model of different charges within the day based on tax, project progress etc. the prevailing scenario. Contract details are being worked out.

The goal of TAIPED is to have binding offers in the first quarter of 2023. One of the issues they are concerned about is the high interest rates that exist at this time due to the energy crisis and the war in Ukraine. It should be noted that there have been estimates that bring the price up to 2.5 billion. euro.

However, various scenarios are being considered regarding the mode of performance. For example to reduce the initial price and increase the participation in public revenues. “We are announcing the discount factor, so that they cannot bring their own estimates with today’s data and it is a common condition for everyone,” said the head of TAIPED.


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