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Meridiam

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Meridiam
Company typeSociété par Actions Simplifiée (SAS)
Founded2005
FounderThierry Déau
Headquarters
Paris
,
France
Number of locations
10
AUMUS$20 billion (April 2023)
Owner
Number of employees
380 (April 2023)
Websitemeridiam.com

Meridiam is a global investor and asset manager based in Paris specialized in developing, financing and managing long-term public infrastructure projects. Founded in 2005, Meridiam invests in public infrastructure in Europe, North America and Africa.

Meridiam has offices in ten countries (France, Luxembourg, United States, Turkey, Senegal, Austria, Ethiopia, Jordan, Gabon, South Africa[1] ), manages $18 billion of assets and has to date invested in over a hundred transport, building and public services projects.

History

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2005-2009: First fund and first investments

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Meridiam was established in 2005 by Thierry Déau, formerly Chief Executive of Egis Projects, a subsidiary of France’s Caisse des Dépôts et Consignations specialized in developing, financing and managing infrastructure projects.

Set up to finance public infrastructure and to create a secure investment framework for long-term savings, Meridiam received the financial and operational support from the Crédit Agricole Group and AECOM Technology.[2]

In 2006, while achieving the first closing of its fund Meridiam I, the company secured its first two projects: the Limerick Tunnel in Ireland,[3] which began operating in July 2010, and the A5 highway in Austria, which opened to traffic in January 2010.[4]

In 2007, Meridiam acquired the Fulcrum LIFT project covering local healthcare facilities in the United Kingdom,[5] as part of large-scale program sponsored by the British Health Ministry.

In 2008, the company proceeded to a new fund-raising round for Meridiam I, which brought the fund size to €548 million.[6] In the same year, Meridiam secured a stake in the A2 Motorway phase I project in Poland.[7]

In 2009, the company won four new projects in Europe: the A5 Motorway in Germany,[8] the A2 Motorway phase II in Poland,[9] the R1 Motorway in Slovakia[10] and the velodrome in Saint-Quentin-en-Yvelines, France.[11] In the same year, Meridiam also secured two projects in the United States: the port of Miami Tunnel, inaugurated in May 2014[12] and the North Tarrant Express Highway in Texas, which began operating in October 2014.[13]

Also in 2009, Infrastructure Investor selected Meridiam as European Fund of the Year.[14]

2010-2011: Continuation of investments in Europe and North America

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While engaging a fund-raising process on both sides of the Atlantic (Meridiam Infrastructure Europe II[15] and Meridiam Infrastructure North America II[16]), Meridiam signed 6 new contracts between 2010 and 2011, including the new Montreal University Hospital Research Center (which opened in the fall of 2013),[17] the Long Beach Courthouse (which opened in the fall of 2013) in California,[18] the Nottingham Express Transit phase II (which began operating in May 2015),[19] as well as the South-Europe Atlantique High-Speed rail line in France (which began operating in July 2017).[20]

In 2011, Meridiam received the Fund of the Year award for its global achievements by Infrastructure Journal.[21]

2012-2013: Greater independence

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In 2012, Meridiam set up a new supervisory board.[22] The ownership structure was modified and resulted in the majority of shares being held by partners and employees. As of 2013, AECOM maintained thirty percent ownership in Meridiam.[23]

In the same year, the closing of the funds Meridiam Infrastructure Europe II[24] and Meridiam Infrastructure North America II [16] increased the investment capacity of the company to $2.3 billion.

In order to finance the student housing facilities of the University of Hertfordshire (scheduled to open in September 2016),[25] the company launched in 2013 the first project bond without credit enhancement in Europe.[26] Simultaneously, Meridiam launched a partnership with the EDHEC Risk-Institute to support academic research. A new chair was established, dedicated to infrastructure equity investments, as well as to the recognition of infrastructure as a separate asset class.[27]

This position was recently adopted by the European regulator EIOPA following a consultation.[28]

2014-2019: Development in Africa and new investments in Europe

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In the first half of 2014, the company announced the fund-raising round of the first fund dedicated to the African continent, the Meridiam Infrastructure Africa Fund, targeting €300 million over a period of 15 years.[29] In September 2015, the European Investment Bank announced its participation in this fund with an investment of €30 million.[30]

In the same year, Meridiam opened an office in Istanbul and invested in four hospital projects in the country.[31]

In February 2015, the company signed a concession contract reuniting the ports of Calais and Boulogne-sur-Mer and comprising the project Calais Port 2015. It is the first French public infrastructure project carried by France as part of the Juncker Plan.[32]

Finally, in the context of the 2015 Paris Climate Conference organized in late 2015, Meridiam announced the launch of a new fund dedicated to infrastructure projects relating to energy transition.[33]

At the beginning of 2016, Meridiam opened an office in Dakar.

2020 and beyond: continuation of investments and takeover of SUEZ

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In 2020, Meridiam is Veolia's partner in a takeover bid for SUEZ.[34] Thierry Déau, founder CEO of Meridiam, is considered "the third man" within the framework of this project.

In October 2020, Meridiam becomes the majority shareholder of Voltalis, the European leader in active management and reduction of electricity consumption for individuals.

In December, Meridiam and Vinci concluded their public-private partnership contract for the D4 highway in the Czech Republic. This 28-year partnership represented an investment of around 600 million euros. The new highway improves the connection between South Bohemia and Prague, and helps improving traffic conditions on the country's main trade routes, especially to neighboring Germany and Austria.

In May 2021, Calais port's extension project was completed, marking the end of the works on one of the largest construction sites in Europe. Meridiam, the Caisse des Dépôts, the Hauts-de-France Region CCI and the Grand Port Maritime de Dunkirk, as well as the Société des Ports du Détroit participated in this project.

In June 2021, the executive board of SUEZ and Veolia approved the promise to purchase filed by Meridiam, GIP and Groupe Caisse des Dépôts with CNP Assurances for the acquisition of the "new Suez".[35] The Consortium of Investors is made up of Meridiam and GIP, each one holfing 40% of the capital, and the Caisse des Dépôts Group with CNP Assurances, holding 20% of the capital. The promise to purchase is subject to the waiver of certain precedent conditions, in particular to the approval of SUEZ shareholders and to obtaining the required regulatory authorizations.[36]

Beginning of September 2021, Meridiam takes a 40% stake in Setrag, the concessionaire which operates "the Transgabonais"(Gabon's main railway line), alongside Comilog (a subsidiary of Eramet and the Gabonese State). Setrag is a vital infrastructure for the country's economy, which connects over approximately 650 km, from Franceville (3rd largest city of the country) to Libreville (capital city), to the port of Owendo.

At the end of September 2021, Meridiam, alongside its partners, Hydrogen de France (HDF) and SARA (limited company of the Antilles refinery, Rubis Group), launches the project for the West Guyana Power Plant (CEOG).[37] This is currently the largest power plant project in the world, storing intermittent renewable energies using hydrogen.[38]

Also in September 2021, Meridiam raises more than 5 billion euros for its future sustainable and impact investments. Its assets under management now stand at nearly €15 billion, an increase of around 80%.[39] All new funds are classified under Article 9 of the European regulation on the disclosure of information relating to sustainable finance (SFDR), the highest standard for sustainable development.[40]

Activities

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Meridiam develops, finances, builds and manages various types of projects:

  • Transport infrastructure (high-speed rail lines,[41] highways,[42] tunnels,[12] ports,[43] tramways,[19] etc.)
  • Social infrastructure (schools, universities,[44] healthcare centers,[45] stadiums,[46] etc.)
  • Public buildings (courthouses,[18] government offices,[47] ministries, etc.)
  • Utility networks and services (water, waste management, energy,[48] etc.)
  • New sources of energy (solar, hydroelectric, geothermal energy, etc.)[49]

Meridiam is present in 25 countries with offices located in 10 cities: Paris, Washington, DC,[50] Istanbul, Dakar, Luxembourg, Addis Ababa, Vienna, Amman, Libreville and Johannesburg.

Ethics and governance

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Signatory of the United Nations’ Principles for Responsible Investment (PRI) since 2010,[51] the company adopted since its inception an Ethics Charter focusing on environmental, social and governance issues.[52]

In January 2012, Meridiam was the first investor and asset manager to receive ISO 9001 certification for its activity including it sustainable investment process.[53]

Méridiam is certified by international standards and development banks which are integrated into the investment process and management of its portfolio.

List of international standards and benchmarks certifying Meridiam

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  • AFAQ ISO 37001 ANTI-BRIBERY[54]
  • AFAQ ISO 9001
  • PRI[55]

List of development banks certifying Meridiam

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  • European Investment Bank
  • European Bank for Reconstruction and Development
  • International Finance Corporation

The company has also included in its investments the United Nations Principles of Responsible Investment and the Equator Principles.[56]

In December 2023, Meridiam obtains the international label of companies with a B Corp mission.[57]

Awards

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Meridiam received the following awards :

  • ”Infrastructure Fund of the year” (2015), ”European Ports Award” with the Calais Port 2015 project and the ”European Refinancing Award” with the B66 Benavente-Zamora project (2015) by the Infrastructure Journal.[58]
  • ”Global Infrastructure Fund of the Year” (2013),[59] “Overall Infrastructure Fund of the Year” (2012),[60] “Fund Manager of the Year – Global” (2011)[21] and “Sponsor of the Year” (2009).[61] by the Infrastructure Journal.
  • ”European Infrastructure Fund Manager of the Year” by Infrastructure Investor (2012, 2011, 2010 and 2009[14]).
  • ”Global Financial Sponsor of the Year” by Project Finance (2009)[62]

Notes

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  1. ^ "Meridiam, The Rockefeller Foundation and the Private Infrastructure Development Group (PIDG) Announce the Closing of the Catalytic Capital Fund". The Rockefeller Foundation. Retrieved 2022-09-21.
  2. ^ Description of Meridiam on the European Investment Bank's website
  3. ^ Website of the Limerick Tunnel
  4. ^ Website of the A5 highway Archived 2015-11-15 at the Wayback Machine
  5. ^ "How Meridiam's medicine worked at Fulcrum". Infrastructure Investor. 28 July 2015. Retrieved 25 November 2015.
  6. ^ "Meridiam Infrastructure raises EUR600m for public-private partnership investment". Privateequitywire.co.uk. 24 April 2008. Retrieved 20 November 2015.
  7. ^ "Meridiam reste optimiste pour le financement des infrastructures". Le Moniteur. 12 December 2011. Retrieved 20 November 2015.
  8. ^ "Vinci closes funding for Malsch-Offenburg section of A5 Autobahn in Germany". Vinci's website. 31 March 2009. Retrieved 20 November 2015.
  9. ^ "L'autoroute reliant Berlin à Varsovie sera prête à temps pour l'Euro 2012". Les Echos. 2 December 2011.
  10. ^ Project's description on the EBRD's website
  11. ^ "Le chantier du vélodrome de Saint-Quentin-en-Yvelines tourne rond". Le Moniteur. 7 June 2012. Retrieved 20 November 2015.
  12. ^ a b "Decades after conception Miami has a port tunnel". Miami Herald. 17 May 2014. Retrieved 20 November 2015.
  13. ^ "Sooner than later, 'new LBJ' freeway construction will take its toll". Dallas Observer. 26 February 2009. Retrieved 20 November 2015.
  14. ^ a b Source: Infrastructure Investor Awards 2009
  15. ^ "Meridiam lève deux fonds pour les infrastructures". L'Agefi. 14 April 2012. Retrieved 25 November 2015.
  16. ^ a b "Meridiam lève 1,05 milliard de dollars pour l'Amérique du Nord". L'Agefi. 25 October 2012. Retrieved 25 November 2015.
  17. ^ "Meridiam Eyes US, Canadian Infrastructure With New $1B Fund". Law 360. 19 October 2012. Retrieved 20 November 2015.
  18. ^ a b "Meridiam closes miniperm for Long Beach Courthouse". Project Finance. 21 December 2010. Retrieved 20 November 2015.
  19. ^ a b "La ville de Nottingham choisit le consortium Tramlink pour l'extension de son réseau de tramway". Businesswire.com. 15 December 2011. Retrieved 25 November 2015.
  20. ^ "Coût d'envoi pour la LGV de Nîmes à Montpellier". Les Echos. 29 June 2013. Retrieved 25 November 2015.
  21. ^ a b "Meridiam awarded Infrastructure fund of the year – global". Infrastructure Journal. 30 March 2012. Retrieved 20 November 2015.
  22. ^ "Infrastructures : le fonds Meridiam quitte Crédit Agricole". Les Echos. 5 April 2012. Retrieved 20 November 2015.
  23. ^ The Planning Report (December 4, 2013). "AECOM Forges New Approach to Construction and Financing in Downtown LA".
  24. ^ "Meridiam lève deux fonds pour les infrastructures". L'Agefi. 14 April 2012. Retrieved 20 November 2015.
  25. ^ "Les project bonds font une percée en Europe". L'Agefi. 31 May 2013. Retrieved 20 November 2015.
  26. ^ "Meridiam boucle le premier project bond en Europe". Les Echos. 31 May 2013. Retrieved 20 November 2015.
  27. ^ "Meridiam soutient la recherche sur le financement des infrastructures". Boursier.com. 17 January 2013. Retrieved 25 November 2015.
  28. ^ "EIOPA advises to set up a new asset class for high-quality infrastructure investments". EIOPA's website. 29 September 2015. Retrieved 20 November 2015.
  29. ^ "Meridiam signe ses premiers pas dans les infrastructures africaines". L'Agefi. 4 August 2015. Retrieved 20 November 2015.
  30. ^ "Meridiam annonce la participation de la BEI à son fonds africain". European Investment Bank's website. 28 September 2015. Retrieved 25 November 2015.
  31. ^ "Meridiam investit dans le futur complexe hospitalier d'Adana, dans le sud de la Turquie". Next Finance. 19 December 2014. Retrieved 25 November 2015.
  32. ^ "L'extension du Port de Calais, un avant-goût du plan Juncker". Le Moniteur. 6 March 2015. Retrieved 25 November 2015.
  33. ^ "CNP Assurances et Meridiam lancent Meridiam Transition pour financer la transition énergétique". zonebourse.com. 24 November 2015. Retrieved 25 November 2015.
  34. ^ "UPDATE 2-Meridiam could buy all Suez activities in France under new Veolia offer". Reuters. 2021-03-11. Retrieved 2021-11-05.
  35. ^ "Veolia and SUEZ have signed a Combination Agreement between themselves and a Memorandum of Understanding with Meridiam–GIP–Caisse des Dépôts/CNP Assurances for the acquisition of the new SUEZ - SUEZ Group". www.suez.com. Retrieved 2021-11-05.
  36. ^ "Le nouveau Suez sera acquis 10,4 milliards d'euros". Les Echos (in French). 2021-06-29. Retrieved 2021-11-05.
  37. ^ "HDF Energy Breaks Ground on World's Largest Green Hydrogen-Power Project". financialpost. Retrieved 2021-11-05.
  38. ^ "Centrale électrique de l'Ouest guyanais (CEOG)". Vig'Hy (in French). Retrieved 2021-11-05.
  39. ^ "Meridiam scelle sa levée de fonds pour financer le " nouveau Suez "". Les Echos (in French). 2021-09-16. Retrieved 2021-11-05.
  40. ^ "OYSTER Sustainable Europe obtains the highest SFDR ranking". www.institutionalassetmanager.co.uk. 2021-03-23. Retrieved 2021-11-05.
  41. ^ "RFF signe avec Bouygues le contrat du contournement LGV Nîmes-Montpellier". Midi Libre. 28 June 2012. Retrieved 20 November 2015.
  42. ^ "Varsovie sera prête à temps pour l'Euro 2012". Les Echos. 2 December 2011. Retrieved 25 November 2015.
  43. ^ "Meridiam investit dans le projet Calais Port 2015". L'Agefi. 20 February 2015. Retrieved 20 November 2015.
  44. ^ "En Angleterre, un project bond au service du financement des logements étudiants". Localtis.info. 3 June 2013. Archived from the original on 18 May 2013. Retrieved 25 November 2015.
  45. ^ "Three firms acquire £30m LIFT PPP companies in UK". Infrastructure Journal. 15 June 2007. Retrieved 25 November 2015.
  46. ^ "Bouygues va construire le vélodrome de Saint-Quentin-en-Yvelines". Le Parisien. 17 December 2009. Retrieved 25 November 2015.
  47. ^ "Eiffage cède deux sociétés à Meridiam Infrastructure". Option Finance. 23 December 2013. Archived from the original on 20 November 2015. Retrieved 25 November 2015.
  48. ^ "Le fonds Meridiam compte financer un important projet au Maroc". Le Matin. 2 July 2014. Retrieved 25 November 2015.
  49. ^ Gourntis, Kalliope (2019-12-19). "Meridiam continues to innovate in the clean energy space". Infrastructure Investor. Retrieved 2021-12-09.
  50. ^ https://technical.ly/civic-news/meridiam-americas-headquarters-relocated-downtown-dc/
  51. ^ List Archived 2013-09-21 at the Wayback Machine of the signatories of the United Nations's Principles for Responsible Investment's. Retrieved 25 November 2015.
  52. ^ Source: Meridiam Sustainable Development Charter on Meridiam's website. Retrieved 25 November 2015.
  53. ^ "Meridiam announces EIB participation in its Africa fund". PR Newswire. 25 September 2015. Retrieved 25 November 2015.
  54. ^ "Awards, accreditations and benchmarks". Meridiam.
  55. ^ "Meridiam SAS". PRI. Retrieved 2023-01-24.
  56. ^ "Meridiam est passé des investissements responsables à la mission". Les Echos (in French). 2021-03-03. Retrieved 2021-12-09.
  57. ^ "Thierry Déau, le patron très engagé du fonds Meridiam". Les Echos (in French). 2023-01-24. Retrieved 2023-01-24.
  58. ^ "IJGlobal Awards 2015". ijglobal.com. Retrieved 2016-04-01.
  59. ^ "IJ Awards 2013 : The Winners". ipfa.org. 19 April 2013. Retrieved 25 November 2015.
  60. ^ "Not only long overdue but vital for successful investment". Edhec Risk-Institute. 30 April 2015. Retrieved 20 November 2015..
  61. ^ Source: OECD's website
  62. ^ Source: PFI Awards 2009. Retrieved 25 November 2015.
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