The administration of the Athens International Airport (IAA) is in contact with banks to finance the expansion, as well as the projects required to speed up the implementation of the second phase of its plan.
This concerns 100% of the funding of the first phase of the master plan, amounting to 650 million euros in 2022 prices, as well as approximately 50% of the medium-term capital costs of maintenance and optimization of the capacity of the existing facilities for the next three years. That is, about 110 million of the total 220 million euros.
The first projects
Based on what has been reported by the management and in particular the CEO of AIA, Yiannis Paraschis, the first phase of the expansion projects will increase the capacity of the airport to 33 million passengers from the current 26 million. As foreseen in the approved master plan of the airport, the design includes the expansion of the main terminal by approximately 81,000 m2, with an increase in commercial areas by more than 60%. In addition, a new 32-bay aircraft parking area and related infrastructure will be developed, and a multi-storey car parking building, a VIP terminal and other necessary infrastructure will be constructed, with the project estimated to be completed by the end of 2028.
In this context, the administration is in the process of approaching the markets to raise the funds required for the first phase of expansions and for the projects related to the maintenance and optimization of the airport’s capacity. Βased on the regulatory framework, expansions must be financed by loans. Meanwhile, construction has already begun on the 35.5MWp solar park within the airport facilities, which will include an 82MWh battery energy storage system. Towards the achievement of the Route 2025 Road Map, a series of actions is underway for the electrification of the vehicle fleet and the possibility of replacing natural gas consumption with heat pumps.
The second phase, which requires an investment of 700 million euros, will be activated when passenger traffic reaches or exceeds 31.35 million passengers and aims to increase the airport’s capacity to 40 million travelers. The third phase will be activated once passenger traffic at the airport exceeds 36 million annually. In this phase, the airport’s capacity will increase to 50 million and is estimated to be completed by 2045.
Other activities
Regarding the non-aviation activities of AIA, there is a strong dynamic of the food industry, a development that leads to the conversion of retail stores into restaurant areas. It is noted that as of December 31, 2023, the airport had a total of 155 stores, including 75 commercial stores, 47 food outlets and 33 service stores, covering a total of over 13,500 square meters, while the total occupancy rate of commercial spaces in AIA terminals was approximately 99%.
