Vinci Concessions and its partners have signed a contract with the Greek authorities for a 75-kilometer Athens Corinth-Patras motorway extension. The close to US$ 366M project entails the design, funding, construction, and operation of a new segment between Patras and Pyrgos that will be integrated into the existing Olympia Odos highway concession.
Vinci Concessions owns 29.9 percent of Olympia Odos, the concession holder for the road connecting Athens to Corinth and Patras, which opened in 2017.
The new 75-kilometer segment of the highway will connect the city of Pyrgos in the west of the Peloponnese peninsula with the city of Athens. Vinci Concessions and its partners Hochtief PPP Solutions, Avax, Aktor Concessions, and Gek Terna will be in charge of designing, funding, and building the new segment, which they will remain operating until 2044.
The project’s financing for the Athens Corinth-Patras motorway will comprise a US$ 238M contribution from the Greek government, with the remaining covered by a nearly 15-year bank loan.
The concessionaire will be compensated by the tolls levied.
Athens Corinth-Patras Motorway to improve connectivity and interoperability in Europe
The new section will cut travel time between Patras and Pyrgos by approximately 40 minutes while also improving road safety. It will help the Peloponnese’s economic and tourist development by improving connections to ports and facilitating access to the historical site of ancient Olympia.
“The new road segment between Patras and Pyrgos reflects the robust and durable connection between Vinci Concessions and the Greek authorities,” stated Nicolas Notebaert, CEO of Vinci Concessions.
“The Olympia Odos freeway, which we opened five years ago, has aided the country’s economic development while also enhancing road safety. Today, we are happy to reaffirm our relationship with the Greek government in order to make this initiative a success once more,” explained Notebaert.
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The project is part of the Trans-European Transport Network, a European Union effort aimed at improving connectivity and interoperability of Europe’s transportation infrastructure.