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Fraport Greece is the company set up for the operation, refurbishment and expansion of 14 Greek regional airports. The 14 airports are located throughout mainland Greece and its islands and serve the most popular tourist destinations in the country. Cluster A notably includes Thessaloniki (Greece’s second largest city) and Crete, whereas Cluster B covers the Aegean islands, including Rhodes and Corfu. These two clusters are presented as two separate concession projects with distinct project finance schemes and concession agreements, but the contracts are quasi-identical and involve the same parties. The revenues generated from the Project stem from aeronautical charges and commercial activities, which are both driven by the underlying passenger traffic at the airports.