Location Thessaloniki, Greece
Client Joint Venture Avax S.A.– Metlen S.A. & Syndicated Lenders
Services Advisory
Project Value $540 Million
Hill has been selected to provide lender’s technical advisory services in the context of a project to upgrade Thessaloniki’s approximately 20.5 km Inner Ring Road. The project is being delivered through a public-private partnership (PPP). The duration of the PPP agreement is 30 years, of which 4 years correspond to the development and construction period and 26 years to the operation and maintenance phase.
The project comprises the comprehensive upgrade and urban integration of Thessaloniki’s Inner Ring Road, centered on the development of a new elevated expressway of approximately 13 km. A defining element is the construction of an elevated flyover of approximately 4 km, which, upon completion, will constitute the largest bridge in Greece. The overall scope also includes the construction of nine grade-separated interchanges, eight additional new bridges, and three new tunnels. Upon completion, the project is expected to significantly improve traffic conditions and enhance the performance and resilience of Thessaloniki’s road network.
In our role as technical advisor to the lenders, Hill reviews capital and operating costs and assesses the associated technical and construction risks from the pre-signing stage of the PPP agreement through the development and construction period, while systematically monitoring the progress of construction work until project completion. In parallel, we evaluate the project’s performance throughout its life cycle, review routine and major maintenance programs, and provide additional technical advisory services during the operational phase.
