Commercial close on the Elefsina – Korinthos – Patras – Pyrgos – Tsakona (EKPPT) motorway project in Greece was reached on the 24 July 2007.

This EUR 2.2bn project is the largest of the recent Greek motorway concessions.

The project which consists of a 365km motorway is being procured under a design, build, finance and operation structure. The project involves the operation of the existing motorway between Athens and Corinth and the Patras ring-road. A section of 120km between Corinth and Patras will be upgraded, with 163km of new motorway to be built between Patras and Tsakona. The concession period is thirty years including a forecasted six year construction period.

The northern stretch of the road forms the first section of the PATHE Motorway, linking Athens to Patras, the third largest city of Greece, while the southern strip of the road forms the south section of the Lonian Road Motorway and runs along the western coast of the Peloponnesian peninsula.

Funding of EUR 1.7bn is to be provided by Calyon, Alpha Bank, BCP and IXIS. The Apion Kleos consortium consisting of Vinci, Hochtief, J&P-AVAX and Helliniki Technodomiki was advised by Calyon and Linklaters whilst the National Bank of Greece provided financial advise to the Greek Ministry of Public Works’ (MEPPPW).

Operis reviewed the financial model on behalf of the Funders and the MEPPPW.

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