Developments at Avax are dense, with the company developing and undertaking new projects. The long-delayed Ioannina-Kakavia project appears to be gaining momentum. The contractor is the construction company, and the cost is €310 million, which will further increase the backlog. 

QUANTUM COMMITTED

The Ministry of Infrastructure and Transport has committed the amount to cover the cost of the main project and options, following a decision by the Ministry of Finance to include it in the public investment program. This is a project that appears to be completed after many years and two cancellations, following appeals by Domiki Crete, Ekter and Eretvo over the terms of the tender, claiming exclusion of smaller companies. 

THE PROJECT

The project "Ioannina-Kakavia," with a length of 70 km, is a road section of the Western Axis and is the continuation of the Ionian Road from Ioannina to the Greek-Albanian border, in the area of Kakavia, crossing the prefecture of Ioannina. We expect the axis to enhance traffic conditions in the city of Ioannina by redirecting overloads from the Ioannina Regional Road, and to channel heavy traffic to the motorway network through its connection to the Industrial Area. It includes two subsections:

• Subsection 1: Ioannina-Kalpaki. The new alignment, which spans a total length of 46.4 km, begins at the end of the concession contract and ends at the end of AK Kalpaki. The subsection includes 6 on-grade junctions, of which AK K3 Passaronos (which constitutes Division 1, length 1.47 km) Subsection 2: Kalpaki-Kakavia. Starting at the end of the Kalpaki road and ending at the border station of Kakavia, with a total length of 23.11 km, the upgrading of the existing road, which is Division 2,
• Subsection 2: Kalpaki-Kakavia. We anticipate upgrading the existing road, which constitutes Subdivision 2, from the end of the Kalpaki border crossing to the Kakavia border station, covering a total length of 23.11 km.

OLYMPIA ROAD

At the same time, Avax increases its participation from 19.1% to 23.01% in the concession contract and the operating company of the Olympic Road, following the exercise of the relevant right to acquire a stake by Hochtief. The wholly owned subsidiary Avax Concessions carried out the transaction.

CONCESSION WORKS

The company has a portfolio of participations in 19 concessions and PPP projects, with projects such as the Rio-Antirrio Bridge, Attiki Odos, national roads and Jordan Airport. In this context, Avax Concessions issued a €300 million, 7-year joint bond issue in order to provide the financing for the implementation of its projects.

THE ACTIVE CONCESSIONS OF THE GROUP

• Aegean Motorway
• Olympic Road
• Motorway Morea
• Limassol Marina
• Athens Marina
• 4 car stations