The tender for his new concession contract is in serious danger of being blown out of existence. Attica Road, both in terms of schedule and financial considerations, as conditions have changed dramatically since early 2022, when the announcement was made. Today’s schedule calls for the submission of mandatory financial proposals on May 29, a week after the first election. The market no longer takes into account the transfer of the date to after the re-election (which is also considered the most likely scenario), that is, to the first July 15th. Ellactor Group Managing Director Efthimios Buloutas also acknowledged the practically correct delay in the filing of applications in the context of the corresponding briefing for analysts this week.

At the same time, however, another prospect began to “weakly appear” – the extension of the current concession agreement, which expires in October 2024. appeals by the participating group, industry leaders believe it will be particularly difficult to meet the schedule and immediately continue the operation of the Attic Road by signing a new contract and installing a new concessionaire between autumn 2024.

It is reminded that, in addition to choosing a contractor, a new contract must be drawn up, given the green light by the Accounts Chamber and, of course, ratified by the next parliament that arises, before the final signatures. The corresponding concession contract for Egnatia Road has not yet been signed, 18 months after the appointment of a temporary contractor (GEK TERNA – Egis Projects) in autumn 2021.

The extension of the current concession agreement also began to “flicker”.

Of course, a new contract with Attica Road is not that difficult, but it is still considered doubtful that 12 months will be enough to sign a new contract, given that it is estimated that a temporary contractor will not appear until autumn.

The government’s decision a few months ago to lower the fare under the new concession to 2.5 euros from the current 2.8 euros is also causing concern among some interest groups. This move certainly limited the execution of the contract, which, it should be noted, has no construction project other than renovation work, which actually does not allow for today’s capital gain. Therefore, interest, at least from some domestic construction groups, seems to have waned and looks “warm”. Moreover, the cost of participation and the requirement of a new contract is very high, even if the final price is significantly lower than the initial estimates of securing revenues of more than 2 billion euros. These projections are currently considered unrealistic, as not only toll costs have been falling since they were made by TAIPED officials until today, but interest rates have also risen, resulting in a sharp increase in financing costs. Thus, the execution of the new contract was further limited, which justifies the decline in investor interest.

Indicative of the above events is the fact that the first “tremors” have already begun to appear in some participants. For example, the French group Ardian, which is involved in a JV with Elactor and Avax, is considered one of those who put forward a non-binding financial proposal. It is recalled that the GEK TERNA – FS Ark Holdco consortium, the Aktor Perachorises – Avax – Ardian scheme, the Mytilineos – Vinci Highways – Vinci Concessions – Mobility Partner consortium and the Macquarie – Fincop Infrastructure consortium are applying for a new contract. The company in question is a “vehicle” in which the Kopelousou group participates. In addition, a few months ago, Intrakat secured its participation in the tender, making up 30% of the consortium of Brisa companies – Autoestradas de Portugal and Rubicone Bidco from Portugal and the UK, respectively. There are also schemes with a purely international presence. These are Abertis Infraestructuras from Spain, the Italian scheme Gruppo FININC – INC SpA (a member of the same group of the Doliani family from Turin) and the French consortium VAUBAN – DIF – EGIS.