Our investment
In 2016, CDC made a €30 million investment into MIAF, alongside a €30 million investment from the European Investment Bank (EIB). In 2018, we made a €40 million top-up commitment to the fund. Our investment will be used to build capacity in infrastructure delivery across the continent, which will harness the economic potential created by Africa's young population, burgeoning middle classes and increasingly urbanised population.
Expected impact
There is a lack of robust energy, education, water and transport infrastructure throughout Africa, infrastructure which is essential to drive economic growth and improve lives across the continent. The fund manager will support the development of critical productive infrastructure supporting economic development, growth and job creation.
They have demonstrated a specific ability to develop strategic partnerships that enable it to successfully invest a significant proportion of the fund's capital into more challenging and underserved markets such as earlier stage project development, greenfield transactions, transport infrastructure and in Francophone West Africa.
This pan-African fund is expected to invest into eight to ten essential projects including energy, education, transport, water and waste management schemes which will support economic expansion and job creation.
MIAF has so far invested in four projects: two solar photovoltaic energy projects in Senegal, airports renovation in Madagascar, and a port in Gabon.
Environmental and social aspects
We are working closely with the fund manager to develop and implement an Environmental and Social Management System (ESMS) that has the capacity to manage the higher level of environmental and social risk associated with this sector.
Key facts
- Status:
- Active
- Region
:
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa
- Sector
:
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Infrastructure
- Website:
- https://protect-eu.mimecast.com/s/bjOgCoQJvFrODroTz1RLX0?domain=meridiam.com
- Investment type
:
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- Meridiam
- Start date
:
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- November 2016
- Amount
:
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
- $77m
- Domicile
:
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- France
Investments made by this fund
- Active
- Exited
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
|
Ravinala Airports SA
The Project comprises the design, build, finance and operation of two existing airports namely Ivato international airport in Antananarivo and Fascène airport in Nosy Bé. The concession will last 28 years, including 3 years of construction (including operational testing and commissioning services). |
Madagascar | Africa, East Africa | Infrastructure | May 2017 | Active |
|
Senegy PV S.A
The Senergy project consists of the design, construction, financing, operation and the maintenance of the 29.5 MWc solar power plant. Senergy PV SA will also be in charge of the construction of a 9-km transmission line on behalf of the client Senelec. The project will be located in Santhiou Mekhe approximately 125 km northeast of Dakar. |
Senegal | Africa, West Africa | Infrastructure | June 2017 | Active |
|
Ten Merina Ndakhar SA
The Ten Merina project consists of the design, construction, financing, operation and the maintenance of a 29.5 MWc solar power plant. Ten Merina Ndakhar SA will also be in charge of the construction of a 3-km transmission line on behalf of the client Senelec. The project will be located near Mbouky, approximately 145 km from Dakar. Tenergie, the initial developer of the project, signed a 25-year PPA with SENELEC, the Senegalese electricity utility at the end of December 2013. Meridiam partnered with Eiffage, joining the project as majority shareholder, so as to finalize the development phase and raise the financing required for financial close. |
Senegal | Africa, West Africa | Infrastructure | June 2017 | Active |
| Owendo Port | Gabon | Africa, Central Africa | Infrastructure | September 2017 | Active |
| Tulu Moye Geothermal | July 2018 | Active | |||
| Biokala | December 2018 | Active | |||
| Kinguele Hydropower Plant | December 2018 | Active | |||
| NEoT Offgrid Africa | December 2018 | Active | |||
| Scaling Solar Kahone | December 2018 | Active | |||
| Scaling Solar Touba | December 2018 | Active | |||
|
Nouakchott Port
Nouakchott Port in Nouakchott, Mauritania is one of the leading public commercial ports in the south Sahara for ships sailing from Europe. |
Mauritania | Africa | Infrastructure | March 2019 | Active |
