GEK TERNA (Bloomberg: GEKTERNA GA / RIC: HRMr.AT) announces, following a related question from the Capital Market Commission, that it has been selected as a temporary contractor for the concession project “STUDY – CONSTRUCTION – FINANCING – OPERATION – MAINTENANCE AND EXPLOITATION OF THE NORTHERN ROAD AXIS OF CRETE (B.O.A.K.) IN THE CHANIA – HERACLEION SECTION”.
The concession period is 35 years, of which up to five (5) years is the design-construction period. The total length of the Chania-Heraklion section is 187 km (including 30 km for the optional Kissamos-Chania section).
Crete is the largest island of Greece with a permanent population of approximately 700,000 inhabitants and the most popular tourist destination in the country, with the largest number of international arrivals. The total length of the Northern Road Axis of Crete is approximately 300 km, including the sections “Hersonissos – Agios Nikolaos” (under construction through PPP) and “Agios Nikolaos – Neapoli”. BOAK is considered the largest motorway under construction in all of Europe during this period.
The taking over of the concession of the Chania – Heraklion section of BOAK marks an extremely positive and manifold important development, with numerous benefits for the Group and its shareholders. It enhances the size and value of GEK TERNA’s concession portfolio as well as the generation of significant, stable and predictable cash flows on a long-term basis, allowing for its optimal utilization within the Group’s strategy.
The result of the competition demonstrates once once more the technical and financial capacity of the GEK TERNA Group and confirms its great experience and effectiveness in claiming large projects, through serious and competitive offers that ensure both the interests of the company’s shareholders, and particularly satisfactory conditions for the Greek State.
It is recalled that the GEK TERNA Group is the largest investor in concession and PPP projects, managing more than 1,600 km of key highways (with the addition of the Egnatia Road and the Attica Road) and emblematic projects corresponding to investments of billions of euros, such as the new Heraklion International Airport of Crete, the Integrated Tourist Complex in Elliniko, the Hersonissos – Neapolis road section of the Northern Road Axis of Crete (BOAK), the Integrated Waste Management in the Regions of Epirus and Peloponnese, etc.
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