November 22 (SeeNews) - Fraport Twin Star Airport Management plans to invest over 50 million euro ($51.3 million) in Bulgaria’s Burgas Airport as well as over 20 million euro in Varna Airport over the next five years, a representative of the company told SeeNews.
Fraport Twin Star, which operates the two airports on the Black Sea coast, will finance five main projects at Burgas Airport between 2022 and 2026, Tsvetomir Stefanov, head of PR & corporate communication department, told SeeNews in an e-mailed statement.
The first project involves the construction of a photovoltaic plant to produce electricity for the needs of the airport. Furthermore, the company will complete a platform expansion and will install new platform lighting. The airport operator will expand the service area and build a hall for the maintenance of aircraft equipment. Additionally, the company plans a rehabilitation on the airport track as well as renovation of areas of Terminal 1. Finally, Fraport Twin Star will commence an expansion of departure Terminal 2.
In parallel, the company plans new platform lighting and a taxiway rehabilitation at Varna Airport. The main projects also include the construction of a photovoltaic plant for the own needs of the airport as well as a rehabilitation of Terminal 2 and key areas of the platform and taxiways. The airport operator also intends to construct a new fire department building.
Overall, Fraport Twin Star Airport Management has committed to investing a total of 413 million euro in the two airports over the entire period of its concession agreement. Since the start of the contract, the company has invested over 101 million euro in Burgas Airport and about 107 million euro in Varna Airport.
In September, Fraport Twin Star’s concessions for the two airports were extended by five years to November 10, 2046.
The company is a 60/40 joint venture of Germany's Fraport and Bulgarian company BM Star.
($ = 0.9738 euro)