This project was submitted in the following language: English (en).

Project description

Design, Construction, Financing, Operation, Maintenance & Exploitation of Water Airports throughout Greece.

The project includes the preparation of necessary studies, the completion of the relative licensing procedures, the construction of the required facilities, the supply of the equipment as well as the provision of relative training to the personnel. The aim of the project is to develop a network of at least 55 water airports sited at or close to ports and lakes throughout the country.

Country, Region

Greece [Ιόνια Νησιά (Ionia Nisia)]

Greece [Βόρειο Αιγαίο (Voreio Aigaio)]

Greece [Νότιο Αιγαίο (Notio Aigaio)]

Start date

September 2016

Estimated project cost

EUR 16.5 million

Sector

Multimodal Nodes (ports, airports, stations, logistic platforms)

Tourism

Asset ownership

Mixed

Project type

Greenfield

Project status

Structuring

Revenue type

Regulated

Economic rationale / Business Model

Greece, due to its morphology (many coastal areas & islands) & its significant tourism industry, is ideal for the development of water airports (w/a). Seaplane constitutes a new & eco-friendly transportation mode, ideal for the satisfaction of the country’s transport needs, as it can allow quick & easy access to the islands, which constitute the most popular tourism destinations in Greece.
Seaplanes are expected to optimize accessibility facilities of a number of islands that either lack of airports or sea shipping is occasionally insufficient & to ensure connectivity towards neighboring regions throughout the year, thus facilitating transfer of goods, search & rescue missions & transport of patients & contributing to the strengthening of regional integration.
It is acknowledged that projects of this size could, potentially, be examined more favorably by investors’ pooling vehicles such as an investment platform, within the scope of a bundle of relevant projects, as a means to achieving a more efficient flow of projects & reduced risk. The proposed framework by EFSI could, thus, represent an efficient way for investors to align interests & achieve larger scale of investments.

Financing details

Financing source: PPP

The project duration is estimated at 60 months.
The proposed business model is that of a PPP. The construction and operation of the project will be undertaken by a Special Purpose Vehicle (SPV). Sources of revenues include the commercial exploitation of the whole facilities.

The promoter has received / applied for EU / EIB financing support related to this project.

Existing or potential bottlenecks for the realisation of the project / Potential risks

The pending introduction to the Greek Parliament of legislation regarding public works and permitting as well as of legislation that integrates 2014 EU Directives 23, 24 & 25, regarding public procurement contracts, will lead to the resolution of potential risks and / or bottlenecks relating to the process leading up to the contracting stage and to the monitoring of the project for the whole period of construction and operation.

Project additional information

The proposed investment project optimizes accessibility facilities, supports maritime connectivity & multimodality, contributes to ensuring connectivity towards neighboring regions as well as the hinterland & internal sea links with the islands, involves all relevant actors, notably regional & local authorities, industry & business world, promotes European Infrastructure standards.
Moreover, the project aims to contribute to the increase of tourist flows on the islands & other coastal areas, in cooperation with the cruise industry, but also to enhance the employment & the local economies through jobs creation.

Publication: 22/06/2016 | Last update: 20/07/2016

The Commission gives no warranty and makes no representation, whether expressed or implied, that the Project Information is error free. The Project Information is provided without any guarantees, conditions or warranties as to its accuracy.