The Top-20 under-construction big infrastructure projects in Greece in 2024

As we entered 2024, ypodomes.com presents to you the 20 largest construction projects of the year, as they have evolved following the additions made in the past months. This is a tradition that ypodomes has been introducing for several years.

In the following list, we will observe changes compared to the one presented in 2023. However, this happens because projects evolve. Some are added, and some are removed from the list.

With the conclusion of the 2014-2020 NSRF (National Strategic Reference Framework), we find ourselves in a period where we observe several significant new projects on this list. Additionally, many projects are in an advanced construction phase and are expected to be completed by the end of 2023. Several of these projects rank among the top ten largest projects in our country.

More specifically, from the following list, it is estimated that this year the projects for the Thessaloniki Metro, the “Ptolemaida IV” Lignite Unit, the Phase D of the electrical interconnection of the Cyclades, the Komotini Power Generation Unit, and others, will be completed.

Concurrently, significant projects have been activated through the Recovery Fund, with the flagship project being the one for the northern section of the E65. Additionally, the first projects funded by the NSRF 2021-2027 are anticipated.

Today, we present to you the 20 largest (in terms of cost) construction projects in Greece, as we have compiled them for 2024. Their ranking is as follows:

Line 20 – 16

20. Chalkida and Psachna Bypass: 210 million euros. This is the largest infrastructure project in Evia and among the largest in mainland Greece. It is constructed by MYTILINAIOS. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2023.

19. Photovoltaic Park 550 MW Ptolemaida: 216 million euros. In the construction commencement phase. Constructed by TERNA. The contracting authority is DEI RENEWABLES. The completion of construction is scheduled for 2025. The contract was signed in 2023.

18. Bralos-Amfissa Road Project: 286 million euros. It is part of the diagonal axis Lamia-Itea-Antirrio. The completion is set for 2027. Constructed by AVAX. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2023.

17. Helleniko Infrastructure Projects: 300 million euros. These are infrastructure creation projects in the Helleniko investment. It includes the creation of networks, roads, flood protection, sanitation projects, and the undergrounding of 2.5 km of Poseidon Avenue. Constructed by AVAX. The contracting authority is Lamda Development. The contract was signed in 2022.

16. Southern Section of Motorway E65 – Lamia-Xyniada: 300 million euros. The works commenced in early 2019, and a section of 14 km has already been delivered. The Othrys Tunnel has also been opened. The project is estimated to be completed in 2024. Constructed by TERNA. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2019.

Line 15 – 11

15. Patra-Pyrgos Motorway: 310 million euros. The project is being implemented by Olympia Odos and is currently in progress. The construction has been undertaken in segments by AVAX, AKTOR, and TERNA. Completion is estimated for 2025. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2022.

14. Kalamata-Pylos-Methoni Road Axis: 312 million euros. This is an Integrated Territorial Investment (ITI) project executed in Messinia, aiming to significantly improve road safety in the broader area. It is considered the natural extension of the Morea Motorway. Constructed by the consortium AKTOR PARACHORISI-INTRAKAT. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2023.

13. Electrical Interconnection of Serifos-Milos-Santorini-Folegandros: 328 million euros. This is a dual project that will connect the four islands of the Cyclades with the Mainland System. Completion is estimated by the end of 2024. Constructed by Hellenic Cables and Prysmian. The contracting authority is ADMIE. The contract was signed in 2023.

12. Riviera Tower: 350 million euros. This concerns the largest building project in the country and is located within the Helleniko investment. Constructed by the consortium INTRAKAT-BOUYGUES. The contracting authority is Lamda Development. The contract was signed in 2023.

11. BOAK: Section Hersonissos-Neapoli: 360 million euros. This refers to the middle section of the highway, with a length of 22 km. Constructed as an Integrated Territorial Investment (ITI) project by the consortium GEK TERNA-AKTOR-INTRAKAT. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2023.

The top 10 largest projects in the country

10. Komotini Power Generation Unit: 375 million euros. A project signed in 2022. It is a unit powered by natural gas. Constructed by TERNA on behalf of K/X MOTOR OIL-GEK TERNA. It is expected to be completed in 2024. The contract was signed in 2021.

9. Northern Section of Central Greece Motorway E65 Trikala-Egnatia: 442 million euros. This ongoing project completes the entire E65 motorway from Lamia to Egnatia. According to the schedule, it is expected to be completed in 2024. Constructed by TERNA. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2021.

8. Thessaloniki Ring Road Flyover: 480 million euros. This Integrated Territorial Investment (ITI) project is in the initial stage. It is estimated to be operational by 2027. The project is undertaken by the consortium AVAX-MYTILINEOS. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2022.

7. New Kasteli Heraklion Airport: 500 million euros. We are currently in the preliminary stages, and from 2021, we expect the main project to commence. It is estimated to be completed by 2026. Constructed by TERNA on behalf of K/X TERNA-GMR. The contracting authority is the Ministry of Infrastructure and Transport. The contract was signed in 2019.

6. Thessaloniki Metro: 25th Martiou-Mikra Branch: 500 million euros. The project is in an advanced stage of construction and is expected to be operational in 2024. Constructed by AKTOR. The contracting authority is the Hellenic Metro. The contract was signed in 2012.

The top 5 largest projects in the country

5. Integrated Resort Casino: In late 2023, the official construction began for the Integrated Tourist Complex with a casino in Elliniko. The investment amounts to 1.5 billion euros, of which construction and equipment account for approximately 1 billion euros. TERNA is responsible for the construction, and the investment scheme consists of GEK TERNA-HARD ROCK INTERNATIONAL. This particular project is currently the largest building project of all time for the country.

4. Attica-Crete Electrical Interconnection: 1 billion euros. Multiple contracts are in progress, and the entire project is estimated to be completed in 2023. Contractors: NEXANS, PRYSMIAN, K/X ELLINIKI KALODIA-NKT, K/X SIEMENS-TERNA. The contracting authority is ADMIE. The contract was signed in 2020.

3. Thessaloniki Metro Main Line: 1.1 billion euros. This is the oldest infrastructure project on the list with significant delays and the only one funded by three consecutive NSRF (National Strategic Reference Framework) programs. It is estimated to be operational by 2024. Constructed by the consortium AKTOR-WEBUILD-HITACHI. The contracting authority is the Hellenic Metro. The contract was signed in 2006.

2. New Ptolemaida IV Lignite Unit: 1.4 billion euros. For many years, it was the largest public project in the country. It is expected to be operational by the beginning of the summer. Constructed by the consortium TERNA-HITACHI. The contracting authority is DEI (Public Power Corporation). The contract was signed in 2012.

1. New Line 4 Athens Metro: 1.8 billion euros. A project that will keep us company for several years. It is funded by the NSRF 2014-2020 and the EIB, and in the future by the NSRF 2021-2027. According to the timeline of the contract signed in June 2021, it is expected to be completed in 2029. Constructed by the consortium ABAX-GHELLA-ALSTOM. The contracting authority is the Eliniko Metro. The contract was signed in 2021.

Change in the Dominance of Projects

What we observe is that at this point in time, the dominant major projects in the country are stable, including railway and metro projects, road infrastructure, as well as significant energy-related projects.

In the upcoming period, within the next 12 months, this list is expected to change as some projects are completed, while new and anticipated projects will emerge. New and highly anticipated projects expected to commence include the bypass of Kymi Avenue, the completion of Pier 6 at the Port of Thessaloniki, the main section of the Central Greece Motorway (BOAK), Chania-Chersonissos, and major building projects in Elliniko, such as the Vouliagmenis Mall, among others.

Overall, this year has seen significant rearrangements in the ranking of major projects, with a dominant element being the reintroduction of many large road projects and the entrance of building projects into the spotlight.

Additionally, the presence of many energy projects is reinforced, taking the lead as the most significant projects for upgrading the country’s role in the geopolitical landscape. At the same time, major railway projects are absent.

Which projects have been added to the list – Which ones have been removed

In today’s TOP-20, we have the entrance of five major projects. The first is the road project Kalamata-Methoni, the second is the Chalkida and Psachna Bypass, the third is the Riviera Tower, which is the largest purely building project in the country, the fourth is the road project of the middle section of BOAK Hersonissos-Neapoli, and the fifth is the project for the IRC in Elliniko.

On the other hand, the projects that have been removed from the list, meaning those that are no longer included due to the concentration of larger projects, are the railway project Aigio-Rio, the Akteo-Amvrakia contract, which is completed, the expansion of the cruise terminal at the Port of Piraeus, which remains frozen, and the Waste Treatment Units in the Peloponnese.