The ceremony was attended by the Minister of National Economy and Finance, Kostis Hatzidakisthe Minister of Infrastructure and Transport, Christos Staikourasthe Deputy Minister of Infrastructure and Transport, Nikos Tahiaosthe CEO of TAIPED, Dimitris PolitisCEO of Growthfund, Grigoris D. Dimitriadisthe President and CEO of GEK TERNA SA, George Peristeris and the President of NEA ATTIKI ROAD CONCESSION M.A.E., Emmanuel Moustakas.
With the completion of the tender carried out by TAIPED and the signing of the Concession Agreement, the transition of the road axis to the new concession regime is on track for implementation. The Concessionaire, who will undertake for 25 years the financing, operation, maintenance and exploitation of the Attica Road, in addition to the one-off financial consideration, will annually pay to TAIPED a percentage amounting to 7.5% on all kinds of revenues from its exploitation highway, while further investments and costs of upgrades and modernization of 380 million euros are foreseen over the entire duration of the concession. With the new concession contract, the toll price for category 2 vehicles is reduced to 2.50 euros from 2.80 euros.
Attiki Odos is about 70 km long and was built in the 1990s by the concession method. It is the regional road axis of the wider metropolitan area of Athens and a key part of the road network of the Prefecture of Attica. In some sections in the middle of the road axis, in a specially designed area, the suburban railway runs, which is not part of the Attica Road concession contract.
The Minister of Finance and National Economy, Kostis Hatzidakisstated: “The contract signed today is particularly important for three main reasons. First, the State puts into its coffers a very large amount, almost 3.3 billion euros, which is the highest in the history of TAIPED. Secondly, with this amount we can reduce the Public debt by the same amount, almost by 1.5 units of GDP from this transaction alone. And thirdly, the contract provides for the reduction of tolls for the benefit of millions of residents of the capital who use the Attiki road every day. The contract has an additional special feature as it happens to be the first in our country to renew, after a tender, a previous concession contract. I want to congratulate all those involved in the agreement signed today and assure that the government will continue on the path of utilizing the State’s property which ensures the improvement of services, reduction of costs and increase of budget revenues”.
The Minister of Infrastructure and Transport, Christos Staikourasstated: «The signing of the service concession agreement for the financing, operation, maintenance and exploitation of the Attica Road confirms that in Greece, the cooperation of the public and private sectors can be transparent, but also efficient for both sides . It can, that is, be beneficial for both parties, within a framework that covers, on the one hand, the public interest, through the financing, operation and maintenance of the highway, and on the other hand, ensures a reasonable profit to the private operator, through the exploitation of the road axis. As the Ministry of Infrastructure and Transport we will make every effort to protect public infrastructure and to ensure the smooth and efficient operation of the transport system, with the safety of users as the first priority.”
The Deputy Minister of Infrastructure and Transport responsible for Infrastructure, Nikos Tahiaospointed out at the concession contract signing ceremony: “Today’s signature is a milestone in the history of major road concessions, in which our country already has enormous experience. Attiki Odos, an exemplary project for its time, marks the success of the model of private sector participation in the implementation of large public investments. Its construction and operation contributed decisively to the improvement of the daily life of the inhabitants of the basin. GEK TERNA S.A., which, through the NEW ATTICA ROAD CONCESSION M.A.E., succeeds the previous scheme, has, without a doubt, the know-how and ability to maintain the Attica Road at the high levels of operation required by citizens. Furthermore, given that we are in the penultimate act of this very difficult project that TAIPED is carrying out with great diligence, I believe that GEK TERNA S.A. will meet its completion target before the end of the year. The Ministry of Infrastructure and Transport, on October 5th, will be absolutely ready to start the road delivery procedures, insofar as they concern it».
The CEO of TAIPED, Dimitris Politisemphasized: “Today begins a new chapter in the history of the road axis which is an integral part of the daily life of thousands of people. TAIPED, in cooperation with all parties involved, completed a complex project with speed and transparency and will collect on behalf of the Greek State the highest price in its history, decisively contributing to the reduction of public debt. This is an unprecedented project as for the first time we had to manage the termination of a concession contract concluded by the Greek State and ensure the transition to a new concession regime. With this project, we ensure that the most important highway in Attica will continue to operate at particularly high levels, with a view to increased road safety and reliability of movements, given that the new concession holder has extensive experience and proven ability in the management of critical road infrastructure.”
The CEO of Growthfund, Grigoris D. Dimitriadisstated: “Today’s agreement certifies that we have moved into a new era in the way the State, the Growthfund and TAIPED can achieve more and more revenue from the utilization of public property, producing at the same time a greater benefit for the citizens. The achievement of the largest concession price in the history of TAIPED, with a simultaneous reduction of the price for crossing the largest, most modern and safe highway of Attica, with the highest level of services, constitutes the implementation of our vision for the maximum production of value for the State and the citizens”.
Referring to the signing of the Concession Agreement, the President and CEO of GEK TERNA Group, George Peristeris stated: “The inclusion of Attica Road in the concession portfolio of the GEK TERNA Group is part of an overall plan that we have been carefully and prudently implementing for years, making private investments with multiplier value for the domestic economy, contributing to the increase in employment and also contributing important funds to the public funds. Attiki Odos, with its special characteristics, is a project that inevitably stands out, among the other road concessions of the country, as due to its location in Attica, it is affected and influences the traffic reality of the capital as a whole. For this reason, Attiki Odos should not be treated as an island, but as a vital part of a wider traffic network, which must be developed and expanded further in order to make the movement of citizens and visitors of Athens efficient, improving the man-made and natural environment and the everyday life of millions of people».
Focusing on the importance of securing the Attica Road concession for GEK TERNA, the President of the concessionaire company NEA ATTIKI ODOS PARACHORISIS M.A.E. and General Director of Development of GEK TERNA Group, Emmanuel Moustakaspointed out when signing the contract: “For GEK TERNA, this is a project that expands the Group’s highway network in Greece, offering significant revenue, EBITDA and dividend yields, with a significantly lower risk profile. The performance of the project is expected within the range of returns that GEK TERNA traditionally targets and achieves in similar projects, adding additional value to the company and significant benefits to its shareholders».
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#Attiki #Odos #concession #contract #signed
