The project, under a 30-year concession, is the company's first in Greece, where it is operating in consortium with ACS and Greek company GEK
The 378.7 kilometre road project involves two separate highways running parallel to the coast in Eastern and Western Greece, respectively
The consortium has bid for another project (1.5 billion euro) in the Greek Government's Toll Road Programme and is pre-qualified for another two projects that represent a total investment of over 3 billion euro
With this project, Cintra will manage 22 toll road concessions (three pending final award) in Europe, North America and Chile; it is also Spain's number-one car park operator, managing over 240,000 parking spaces
Cintra, a toll-road and car-park concession company, has been selected by the Greek Government as "provisional contractor" to build, finance and operate the Ionian Roads toll concession. The project, in which investment is projected at 1.16 billion euro (mainly construction costs) for a 30-year concession, is Cintra's first move into Greece, where it has bid for another project (investment close to 1.5 billion euro) and is pre-qualified for another two projects that represent a total investment of over 3 billion euro.
In this project, as in the others for which it is shortlisted, Cintra is the leader (33.34%) of a consortium with ACS and Greek construction company GEK (both with 33.33%).
The concession includes two toll separate roads:
- the first runs from Athens to Thessaloniki, Greece's second-largest city, and is the main connection between Athens and northern Greece,
- the second road runs parallel to the coast of the Ionian Sea, between the Gulf of Patras and northern Greece.
The concession has a total length of 378.7 kilometres: of these, 159 km will be newly-built, while the remainder is in existence (161.7 km) and under construction (58 km). The new road will be built by a consortium comprising Ferrovial's construction subsidiary (Ferrovial Agromán), Dragados (a subsidiary of ACS) and GEK subsidiary Terna.
The entire project is expected to be open to traffic within 72 months from signature of the concession, although the consortium will be able to commence operating the existing section of road four months after signature.
Bid for another toll road (1.5 billion euro) and short-listed for two other project worth over 3 billion euro
The project is part of the toll road plan implemented by Greece's Ministry of National Economy (MONE) and the Ministry of the Environment, Planning and Public Works (MEPPPW) to promote the construction and improvement of strategic sections of the national road network, with private-sector participation in design, construction, financing and operation.
The Toll Road Programme includes concessions for six toll roads, in two batches, that involve a total investment of 8 billion euro. Bidders can be shortlisted for four projects at most.
Some weeks ago, Cintra's consortium bid for another concession, the Central Greece Toll Road (Scarfia-Panagia), consisting of 231 kilometres (174 km of new construction) at an investment of close to 1.5 billion euro. The consortium is also shortlisted for another two projects worth over 3 billion euro which will be awarded in 2006:
- the Urban Roads in Attica project: construction and operation of 47 km, of which 36 km are new construction; and
- the CSB Corinthos-Patra-Pirgos-Tsakona toll road (construction and operation of 360 km, including 297 km of new construction).
Cintra, one of the world's largest private-sector transport infrastructure developers
Cintra, a subsidiary of Ferrovial, is one of the world's leading private-sector developers of transport infrastructure, with committed investment of close to 2 billion euro in concession companies' equity. Cintra operates over 2,000 kilometres of toll road that represent a managed investment of over 10 billion euro.
With this project, Cintra will have a stake in companies managing 22 toll roads, in Spain (9), Ireland (2), Italy (1), Greece (1), Portugal (2), Chile (4), Canada (1) and the USA (2). Three of its concession projects (Italy, Greece and one toll road in Ireland) are currently pending final award. In the United States, Cintra is also strategic partner of the State of Texas in the design and planning of the Trans-Texas Corridor.
Additionally, Cintra is Spain's leading car park operator and manages over 240,000 parking spaces.
