The European Bank for Reconstruction and Development provided a EUR 14 million bond-loan to refinance the loan of Hellas Smarticket S.A., and transform sponsor guaranteed debt into non-recourse project financing.
Hellas Smarticket S.A project is an e-ticketing project that consists in building, operating, and maintaining the integrated automatic fare collection system for the companies of Athens Urban Transportation Organisation (OASA Group) in the city of Athens, under a PPP scheme. The EBRD will co-finance alongside a commercial lender.
The project will result in a non-recourse project financing, demonstrating to the market that project finance is available for well-structured PPP projects that struggled to obtain financing prior to completion. The PPP project has improved OASA revenue collection by significantly avoiding fare evasion in different urban transport systems.
Hellas SmartTicket S.A. is a Greek SPV established to finance, install, operate, support, and maintain for 12 years a single automated fare collection system for public transport in Athens, involving all transport modes of the wider region of Athens.
The equipment of the automated fare collection system involves the electric buses, metro Line 1, tram and suburban rail. For metro lines 2 and 3 the existing equipment will be integrated with the AFCS of the other modes.
The SPV of the Hellas Smarticket project is formed by Terna Energy and GEK Terna, with 35% stake each and LG CNS with 30% in the SPV.