Paris-based infrastructure fund manager Meridiam Infrastructure in December reached financial close on its first PPP in France, the €75 million Saint-Quentin Velodrome project. At the heart of the project is a state-of-the-art cycling arena.
Meridiam has taken an 85 percent stake in project company Velopolis alongside Bouygues, Sodearif and ETDE Facility Management. The contract covers the finance, design and construction of the velodrome as well as its operation and maintenance for a 30-year period.
The project is supported by two unnamed banks providing senior debt financing, with additional construction financing coming from public subsidies.
Cycling: next PPP
Meridiam, a subsidiary of Credit Agricole Private Equity, closed its inaugural fund in 2008 on €600 million for investment in primary and secondary PPP-financed infrastructure projects. The firm’s portfolio is currently weighted towards road assets in countries such as Germany, Poland and Slovakia.
It is also an investor in the Port of Miami Tunnel project and the recently closed North Tarrant Expressway project in Texas.