Meridiam Infrastructure Africa Fund

Africa Infrastructure

Meridiam is a global investor and asset manager specialising in public and community infrastructure. The firm typically invests in greenfield or new primary projects in the renewable power, transportation, public accommodations, health, education, and environment sectors.

The Paris-based firm was founded in 2005. To date it has invested in over 44 transport, building and public services projects.

In 2015, it launched the Meridiam Infrastructure Africa Fund (MIAF) to make long-term investments in African infrastructure.

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
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
Gabon, Madagascar, Senegal
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:
http://www.meridiam.com/en
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.

:
$90.09m
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).

View investment details

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.

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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.

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Senegal Africa, West Africa Infrastructure June 2017 Active
Owendo Port Gabon Africa, Central Africa Infrastructure September 2017 Active
Tulu Moye Geothermal Africa, East Africa Infrastructure July 2018 Active
Biokala Africa, West Africa Infrastructure December 2018 Active
Kinguele Hydropower Plant Africa, West Africa Infrastructure December 2018 Active
NEoT Offgrid Africa Africa, West Africa Infrastructure December 2018 Active
Scaling Solar Kahone Africa, West Africa Infrastructure December 2018 Active
Scaling Solar Touba Africa, West Africa Infrastructure December 2018 Active
Nouakchott Port Africa, West Africa Infrastructure March 2019 Active