Exclusive: Meridiam to close energy transition fund in March

The French-based firm has held two closes for the vehicle, which is targeting €400m.

Meridiam Infrastructure will soon complete fundraising for its energy transition fund, with a final close expected by the end of March, according to sources with knowledge of the process.

The Paris-based firm, which launched the Transition Fund last November with a target of €400 million, has already held two closes for the fund. The vehicle has also started to invest, the people said.

Meridiam declined to comment.

French insurer CNP Assurances is acting as a cornerstone investor in the fund, to which it has committed €100 million, plus an extra €50 million should the vehicle raise €300 million. This milestone has already been reached, sources said, meaning the fund has now raised at least €350 million.

Almost all of France’s life insurers have invested in the vehicle, sources added.

Thierry Déau, Meridiam’s chief executive, told sister publication Low Carbon Energy Investor in November that this vehicle should be seen as a “club deal amongst insurance companies”. Though the fund is looking to garner broad institutional investor support, Déau said Meridiam Transition is an initiative where “CNP is leading the insurance companies”.

The fund covers sectors including energy efficiency, district heating, smart grids and interconnectors, as well as power generation, which is focused on renewables and capped at 25 percent of overall fund size. It has a 20-year duration and will target France and the European Union.