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| Vinci completes financing of the Athens-Tsakona concession Olympia Odos, the concession company led by Vinci Concessions (36%), in partnership with the German company Hochtief PPP Solutions (25%) and three Greek construction companies, Aktor Concessions (18%), J&P-Avax (18%) and Athena (3%), has just completed with a consortium of 19 banks the financing arrangements for the concession contract for the Athens-Corinth-Patras- Tsakona motorway, the largest ever won by Vinci outside France. This bank financing that has been put in place, in addition to the equity contributions of the partners in Olympia Odos and a subsidy from the Greek government, amounts to 1.6 billion euros, of which, notably, 990 million euros is senior debt with a 13-year maturity and 200 million euros is a loan from the EIB. The project involves the financing, construction and repair, as well as the operation over 30 years, of 365 kilometres of toll motorways linking Athens to Tsakona in the south-west of the Peloponnese, via Corinth and Patras. Of the total, 82 kilometres already exist, 120 kilometres need to be renovated and widened, and 163 kilometres of new motorway will be built over a period of six years. They include the construction of 19 kilometres of tunnels and more than 400 works of art (to be made from scratch or renovated) as well as twenty interchanges. The work will be carried out by a consortium consisting, in particular, of Vinci Construction Grand Projets and its German and Greek partners. The total cost of the project is 2.8 billion euros. The concession came into force on 4 August 2008. write your comments about the article :: © 2008 Construction News :: home page |