Growthfund has announced the commencement of the sub-concession for the development of the "Philippos II" terminal of Kavala Port Authority S.A. (KPA S.A.), which was signed between KPA S.A. and the sub-concession company “Sarisa Sub-Concession of Kavala Port Philippos B S.A.”.

The investor undertakes for 40 years the right to use, operate, maintain and operate a multi-purpose terminal in the port of Kavala. Under the agreement, the total estimated fee amounts to approximately EUR 34 million (US$ 35.4 million), covering both the upfront payment and the guaranteed annual fees payable to the Greek State over the 40-year sub-concession period. The agreement also includes planned investments worth EUR 36 million (US$ 37.5 million) for the terminal’s further development, including major maintenance expenses. As part of the mandatory investments, the investor is required to construct buildings for the Port Authority, the Navigation Service, and a Customs Station. Additionally, the investor is responsible for developing and executing a reforestation study for the Aspra Chomata area, as well as maintaining, cleaning, and securing the area throughout the sub-concession period.

The development of the "Philippos II" commercial terminal will further position the Port of Kavala as a key strategic hub in Northern Greece and the Balkans. The port’s potential will be significantly enhanced with the expansion of the railway network, particularly through the construction of the Nea Karvali – Toxotes section. The contract for this crucial infrastructure project is anticipated to be signed in Q1 of 2025.