Metlen Energy & Metals joins Greece's GEK Terna on Crete road project
Metlen Energy & Metals PLC on Thursday said it will participate in a major road project on the Greek island of Crete, taking a stake in the concession holder.
Metlen is an Athens and London-based aluminium producer and electricity generator. It also invests in network infrastructure, battery storage, and other green technologies.
Metlen will take a 24% stake in Diktaion Parachoriseis SA, previously wholly owned by GEK Terna SA, an Athens-based and listed infrastructure investor. Diktaion Parachoriseis is the concession holder for the Chania-to-Heraklion section of the ’Northern Road Axis of Crete’.
Metlen said the Northern Road Axis project is ‘one of the largest development projects currently underway in Greece’.
The Chania-to-Heraklion section is 187 kilometres. The total project budget is €2 billion, with the construction share being more than €700 million. The concession period is 35 years, with the first five years representing the design and construction of the road.
Metlen also will take a 24% stake in Diktaion Operation SA, the entity responsible for the operation and maintenance of the project, while Metlen’s construction arm Metka ATE will be a 30% participant in the construction joint venture, together with Terna and Aktor ATE.
Metlen shares were down 0.4% to €45.30 in London midday Thursday.
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