GEK Terna Group has submitted the highest offer for the construction and operation of Crete’s new motorway Chania-Heraklion section (BOAK), with a budget of 1.8 billion euros.
This is the largest concession contract for which a tender process is underway.
The concession period is 35 years, of which up to 5 years (up to 60 months) is the construction period.
The competition for the main section is also the most critical, as it will connect the cities of Heraklion, Rethymno, and Chania, which constitute the largest urban centers of the island. Additionally, this section will include toll booths.
According to information, based on the offer of GEK Terna, the financial contribution of the State requested during the construction period amounts to 693 million euros (in current prices), while the subsidy during the operating period corresponds to a percentage of 64.62% on the toll fees imposed on users.
Three consortiums were competing for the project and reached the final stage:
- IDOMENAS composed of AVAX-EGIS-MERIDIAM
- GEK TERNA
- AKTOR CONCESSIONS – MYTILΙNΕOS
