Vinci Concessions and its partners have signed a contract with the Greek authorities for a 75km motorway extension.

The €331m (£278m) project involves the design, financing, construction and operation of a new section between Patras and Pyrgos, integrated into the existing Olympia Odos highway concession. Olympia Odos, which is 29.9%-owned by Vinci Concessions, is concession holder for a motorway connecting Athens to Corinth and Patras that went into service in 2017.

The new a 75 km section of the motorway will reach the city of Pyrgos in the west of the Peloponnese peninsula. Vinci Concessions and its partners Hochtief PPP Solutions, Avax, Aktor Concessions and Gek Terna will be responsible for the design, financing and construction of the new section, which they will then operate until 2044. The concession company will be remunerated in the form of the tolls charged.

The financing of the project, which represents an investment of €331m, will include a €217m contribution from the Greek state, with the remainder financed by an almost 15-year bank loan. Meanwhile, Olympia Odos has refinanced its existing bank loans amounting to €495m.

The new section will reduce travel time between Patras and Pyrgos by around 40 minutes while improving road safety. It will support economic and tourist development of the Peloponnese by improving connections with ports and facilitating access to the historical site of ancient Olympia. The project is part of the Trans-European Transport Network, a European Union programme that aims to facilitate connections and the interoperability of transport infrastructure in Europe.

Nicolas Notebaert, CEO of Vinci Concessions, 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.”