Olympia Odos, a 29.9% owned subsidiary of VINCI Concessions, has signed an agreement with the Greek authorities to extend the Athens Corinth—Patras motorway.

A new 75km portion of the motorway will be built to reach Pyrgos city in the west of the Peloponnese peninsula.

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VINCI Concessions and its partners will design, finance and construct the new section of the motorway and operate it until 2044.

The concession company will receive remuneration in the form of the tolls charged.

The project marks an investment of €331m. This includes €217m from the Greek state, and the rest by nearly 15 years bank loan.

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This new section will cut down travel time by around 40 minutes between Patras and Pyrgos.

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This project is part of Trans-European Transport Network.

The new stretch of motorway will bring Vinci Concession’s network up to 544km in Greece.

INCI Concessions CEO Nicolas Notebaert said: “The new motorway section between Patras and Pyrgos illustrates the solid and lasting relationship between VINCI Concessions and the Greek authorities.

“The Olympia Odos motorway, which we brought into service five years ago, has been effective in supporting the country’s economic development and improving road safety. Today we are proud to be renewing our partnership with the Greek state to make this project yet another success.”

Meanwhile, Olympia Odos has refinanced its present bank loans worth €495m.

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This project is part of Trans-European Transport Network. Credit: Vinci.