Olympia Odos, a subsidiary 29.9%-owned by VINCI Concessions and concession holder for the motorway connecting Athens to Corinth and Patras that went into service in 2017, has signed a contract with the Greek authorities to extend the motorway.
A new a 75 km section of the motorway will reach the city of Pyrgos in the west of the Peloponnese peninsula. VINCI Concessions and its partners will be responsible for the design, financing and construction of this new section, which it will then operate until 2044. The concession company will be remunerated in the form of the tolls charged.
According to VINCI Concessions, the financing of the project, which represents an investment of €331 million, will include a €217 million contribution from the Greek state, with the remainder financed by an almost 15 year bank loan.
Meanwhile, Olympia Odos has successfully refinanced its existing bank loans amounting to €495 million.
This new section, operated to the highest motorway standards, will reduce travel time between Patras and Pyrgos by around 40 minutes while improving road safety. It will support economic and tourist development of the Peloponnese by improving connections with ports and facilitating access to the historical site of Ancient Olympia. The project is part of the Trans-European Transport Network, a European Union programme that aims to facilitate connections and the interoperability of transport infrastructure in Europe.
This new stretch of motorway will bring the network operated by VINCI Concessions in Greece up to 544 km. That network includes the Rion-Antirion bridge which, by linking the Peloponnese to the mainland, will facilitate access from northern Greece to the new section between Patras and Pyrgos.
Nicolas Notebaert, CEO of VINCI Concessions, said, “the new motorway section between Patras and Pyrgos illustrates the solid and lasting relationship between VINCI Concessions and the Greek authorities. The Olympia Odos motorway, which we brought into service five years ago, has been effective in supporting the country’s economic development and improving road safety. Today we are proud to be renewing our partnership with the Greek state to make this project yet another success.”
