In 2007 the shareholders of the subsequently established Olympia Odos Concession Company won the public tender to plan, finance, build/upgrade, operate and maintain the Elefsina–Patras old national highway, by conversion into a safe motorway. The Elefsina–Patras Motorway with its total length of 201.5 kilometers links the capital of Athens with the northern and western part of the Peloponnesus peninsula, up to the regional metropolis Patras. The public-private partnership project forms part of the PATHE Axis, has an investment volume of EUR 1.8 billion and a concession period of 30 years, during which tolls will be collected by the Concessionaire’s Operator Olympia Odos Operation S.A. until 2038. Upon completion of major construction works under difficult conditions of continuous traffic flow, the Elefsina-Patras Motorway was handed over for full operations in April 2017. Further primary functions of Olympia Odos Operation S.A. are daily smooth operation of the motorway by traffic management, as well as routine and heavy maintenance works.
A new era
In April 2017 the Concession Company Olympia Odos S.A., in which HOCHTIEF PPP Solutions GmbH owns a share of 17%, officially handed over the Elefsina-Patras Motorway for full operation. In September 2017, the overall completion certificate for the motorway was issued—nine years after financial close and construction commencement in August 2008.
The excessive delay in the completion of the motorway project was caused by the prolonged deep recession into which the Greek economy entered in 2010. The first main Greek economic crisis led the project to a full reset at the end of 2013, resulting in a financial restructuring, changes in the project scope and rescheduling of the construction plan. The second Greek crisis in 2015 further impacted the construction schedule.
The project investment amounts to EUR 1.8 billion, of which EUR 1.3 billion is related to construction. HOCHTIEF PPP Solutions GmbH’s partners are VINCI, AKTOR, J&P Avax, and Gek Terna. Project financing comes from a pool of equity capital and shareholder loans, commercial loans from domestic and international banks, funding by the EIB and Greek State funds co-financed by the European Union, and from tolls already levied during the construction period.
Sustainable upgrading
The Elefsina-Patras Motorway has a total length of 201.5 kilometers and splits into two sections. Section 1 extends from Elefsina to Korinthos, with a total length of 63.2 kilometers. It has been in full operation since August 2008. The number of lanes in this section is three in each direction plus an emergency lane. This section involved full refurbishment. Section 2 extends from Korinthos to Patras, with a total length of 138.3 kilometers. This section involved the majority of construction works and upgrades, including tunnels of 21 kilometers length in total, 64 bridges, 18 interchanges, and the construction of five Motorist Service Stations (MSS). The number of lanes in this section is two lanes plus an emergency lane in each direction. The construction works in this section were performed under continuous traffic flow.
Tolling of the motorway
There are in total 14 toll plazas operating along the Elefsina-Patras Motorway. Five of them are bi-directional frontal toll plazas and the remaining nine are ramp toll stations allowing access or exit to or from the motorway. There are two means of payments at the tolls plazas, cash payment or electronic tolling with the use of a transponder. There is a discount scheme for users of electronic tolling for all vehicle categories.
