Growthfund: Its footprint in national infrastructure in 2025
Athens, 3 February 2026
Following its recent expansion through the integration of Hellenic Republic Asset Development Fund (HRADF) [1] and the Hellenic Financial Stability Fund (HFSF), Growthfund has become a central development institution creating economic and social value for the country. The Group’s portfolio is worth approximately €12 billion and spans 11 key sectors of the Greek economy, from energy and water management to ports, transport, logistics, banking and real estate.
Growthfund’s strategy rests on three pillars:
Transformation of public companies to bring them in line with private-sector standards, delivering better services to citizens and sustainable results.
Development of national infrastructure assets – airports and ports, infrastructure, energy and water management – so that they are ready to be developed through concessions, privatizations or the entry of strategic investors.
Investment in high value-added New Economy projects through a comprehensive platform of investment vehicles.
Finally, the Project Preparation Facility (PPF), an agile and independent unit within Growthfund, acts as an accelerator for preparing and delivering projects of national importance, working with a wide range of ministries and public bodies.
Below is an overview of the main actions taken in 2025 under the Infrastructure Development pillar.
Ports & marinas
Growthfund ran a tender to hire a Business Development Adviser for its entire port portfolio (ports and marinas). The Adviser will (a) assess the strengths and weaknesses of the port assets and (b) draw up a strategic plan for their overall development.
In March, four bids were submitted for the concession of cruise operations at the ports of Katakolo, Patras and Kavala. Binding offers are expected in the first half of 2026.
In June, Growthfund received five bids from candidates seeking to acquire a majority stake (51%) in Lavrio Port Authority.
In December, the tender for the development of Kalamaria Marina through a long-term concession was launched, with 27 February 2026 set as the deadline for expressions of interest.
That same month, the tender to upgrade Patras Marina was launched. It will be run by the PPF, with a budget of €10 million and a bid deadline of 5 February 2026.
In October, Parliament ratified the 40-year concession agreement for the development of a mega-yacht marina in Corfu. The project has been awarded to Lamda Development, which will invest more than €50 million to build from scratch a marina for large leisure vessels.
A master plan for the development of Alexandroupolis port is being prepared, while infrastructure upgrades worth almost €20 million are under way: (a) dredging of the port basin; (b) connection of the land zone to the new Ring Road; and (c) installation of lighting. They are expected to be completed by June 2026, after which decisions will be taken on the port’s further development.
At the port of Volos, works are under way to restore infrastructure damaged by the natural disasters that struck Thessaly in autumn 2023. Growthfund has hired a Strategy and Regional Development Adviser to draw up a business plan, which will form the basis of the master plan for the port’s future development (the same model as in Alexandroupolis).
Master plans are also being prepared for the ports of Igoumenitsa and Heraklion, in which Growthfund is a 33% minority shareholder.
In 2025, the master plan for the port of Patras was completed and approved by the Council of State. Among other things, it provides for a support base for hydrocarbon exploration and production, a new cargo pier connected to the rail network, and energy transition projects (a solar power plant, six (6) new cold-ironing berths, etc.). The investments it foresees will be detailed in the business plan to be completed shortly.
Work will soon begin on business plans for the ports of Kavala, Corfu, Rafina, Elefsina and Patras. Business plans set specific targets and detail the priorities outlined in the master plans, which set a broader framework for port development. For example, a master plan sets out the investments needed to upgrade a port; the business plan specifies exactly when those investments must be completed.
Together with the Skiathos Port Authority, Growthfund is preparing a master plan for the port, including plans for the development of Skiathos Marina. The marina lies within the port, is a Growthfund asset, and will be developed with private investors following a tender.
In December, the tender for the development of Argostoli Marina was completed, with the A1 YACHT TRADE CONSORTIUM selected. The consortium is expected to invest more than €30 million in upgrading and maintaining the infrastructure, under a concession of at least 40 years.
That same month, the government decided to hold a tender for the sub-concession of part of the land zone at Vlycha, Elefsina Port Authority. The tender is expected to be launched in the first quarter of 2026, following the same model as the “Philip II” commercial port in Kavala. Its terms will allow the investor to use any adjacent land it owns.
Logistics Centres
Freight centre at the former Gonou military camp: development of the former Gonou camp (672 hectares) in western Thessaloniki for logistics, manufacturing and free-trade-zone uses. The project is being prepared by the PPF, with a contractor expected in the first quarter of 2026.
Regional airports
In October, the Growthfund Board approved the final text of the Concession Agreement for Kalamata Airport. The agreement is expected to be signed, and the airport handed over to the concessionaire, in the first quarter of 2026.
22 regional airports: studies (passenger traffic, CAPEX/OPEX) have been completed, and final decisions on the development model for the regional airports are expected in the first half of 2026.
Motorways
On 30 December, financial close was reached on the tender for the 35-year concession of Egnatia Odos and its three vertical axes, for an upfront payment of €1.275 billion. In the first five years, the concessionaire will invest more than €420 million to restore the main motorway and upgrade the vertical axes. The works include upgrading the Chalastra–Evzonoi road to closed-motorway standards, meeting a long-standing demand of residents and stakeholders in Central Macedonia. Over the 35-year concession, more than €1.8 billion heavy maintenance is planned, including resurfacing, heavy maintenance of structures (bridges, tunnels), replacement of road markings and signage, and replacement of metal safety barriers. The concession also provides for the construction and operation of 16 motorway service stations and 12 modern parking and rest areas along the route.
[1] The assets transferred to the former HRADF are off-balance-sheet items.
