GEK Terna is moving forward with critical infrastructure investments totaling 5 billion euros, following its acquisition of the concessions for the Egnatia Highway and the Attica Highway, where investments of 5.5 billion euros were made.
These figures were released yesterday by the group during its Annual General Meeting. The new wave of investments includes projects such as the construction of the BOAK, the IRC at Elliniko, and the E65 highway.
Speaking to shareholders, George Peristeris, chairman and CEO, emphasized that the group has strong liquidity to carry out new investments, leveraging the funds that flowed into its coffers from the sale of GEK Terna’s stake in Terna Energy to Masdar.
The Need for New Infrastructure
Referring to Attica’s need for new infrastructure, Mr. Peristeris noted that projects such as the Attica Tollway extensions and the Ilioupoli Tunnel are on the table, with the aim of improving traffic flow and alleviating congestion in the Attica Basin.
Regarding Attica’s traffic problem, he described it as “extremely serious.”
“Certain measures must be taken, and some new projects have already been announced,” he stressed, noting that what we do know is that construction of the Skaramanga triple interchange will move forward and that some improvements will be made on Kifissos Avenue.
He then noted that “the study of the so-called Attiki Odos extensions is now seriously on the table; in reality, these are not extensions of the highway but new projects for Attica, such as the Ilioupoli Tunnel and ensuring free-flow traffic on Vouliagmenis Avenue. The timeline for their implementation has not yet been determined. In any case, these are necessary projects.”
The issue of the tunnel resurfaced a few days ago when the Deputy Prime Minister, Kostis Hatzidakis, stated that the project is among the initiatives the government is preparing, though further preliminary work is required, which is expected to begin soon.
Intervention on Attiki Odos
However, as a first step, the Ministry of Infrastructure and Transport has approved the upgrade of the Metamorfosi interchange on Attiki Odos, a project worth 2.5 million euros.
The improvements aim to enhance traffic flow toward Lamia and relieve congestion at one of the most heavily trafficked points on Attica’s road network.
The IRC at Elliniko
Regarding the new round of appeals against the Integrated Resort Complex (IRC)—the tourism and leisure complex with a casino being developed at Elliniko by GEK Terna and Hard Rock—the chairman responded that “We do not believe that any provision or permit has been violated.”
“We believe the project is proceeding in full compliance with the law. As for what the court will decide, we cannot know,” he emphasized.
Eleven residents of the municipalities of Glyfada and Elliniko, together with the Kato Elliniko Residents’ Beautification, Cultural, and Athletic Association, are seeking the revocation of the project’s building permits and related amendments, while also challenging the ministerial decision that approved, among other things, height and volume exemptions for the complex.
Regarding the group’s energy operations, Mr. Peristeris noted that discussions with Masdar regarding the acquisition of a 50% stake in the pumped-storage project in Amfilochia are continuing, while on the front of the strategic alliance with Motor Oil in energy production, the process is proceeding as planned.
“They are not very short because they involve not only administrative procedures but also organizational ones. It is proceeding as planned. In the next few months, both the legal and tax consolidation into a single tax identification number will be completed. There does not appear to be any obstacle at this time,” he explained.
The transformation is paying off
Meanwhile, the company’s transformation—which began eight years ago—is also moving forward.
“The effort we are making is not only for our company but also, more broadly, for society as a whole. In the last twenty months alone, we have paid approximately 5.5 billion euros to the government for the acquisition of two major concessions, and this is a continuation of other long-term investments we are making,” he stated.
“Last year, we took over the concession and began operations on the Egnatia Highway—a massive 1,000-kilometer highway that was in terrible condition, and we have already begun its reconstruction,” he added.