The EBRD is considering investing up to €100 million in the Meridiam Infrastructure Eastern Europe Fund (the “MIEE”), an infrastructure investment fund dedicated to providing investors with predictable and stable long-term cash flows through a diversified portfolio of investments in PPP infrastructure projects in Central & Eastern Europe and, on a very selective basis, Turkey. The MIEE will be structured as a sub-fund of Meridiam Infrastructure Europe Fund II SCA (SICAR), a closed-end infrastructure investment fund established in Luxembourg (the “Meridiam Fund”).
The transition impact of the proposed project is expected to include: institution building, enhancing the availability of private capital and know-how in the delivery of PPP projects, promoting increased penetration of private equity PPP infrastructure investing in the region, promoting new methods of financing of PPP infrastructure projects with transparent private sector participation and demonstration effects in improving and enhancing transparency and good corporate governance in investee structures.
The Meridiam Fund and MIEE will be managed by Meridiam Infrastructure Managers S.à r.l., a limited liability company incorporated under the laws of Luxembourg.
The EBRD is proposing to make an equity investment of up to €100 million.
The target Meridiam Fund size is €1 billion at final closing.
The MIEE will implement Environmental and Social Procedures, customised for application in the PP infrastructure sectors that the MIEE targets, and will structure the sub-investments to meet the Bank's Performance Requirements. The customised Procedures will facilitate the identification, mitigation and monitoring of environmental issues associated with investments across the region. The Fund Manager has agreed to refer all relevant A-category sub-investments to the Bank for review and guidance on ESDD. The MIEE will be required to adhere to the EBRD's Environmental and Social Exclusion and Referral lists, and submit annual environmental and social reports to the EBRD.
The EBRD provided an equity commitment of EUR 100 million to the Fund. The project supported an institutional quality fund focussing on investments in PPP infrastructure projects in Central & Eastern Europe and Turkey, with the objective of achieving long-term capital growth.
The Project is on track to achieving its transition impact related to: institution building, enhancing the availability of private capital and know-how in the delivery of PPP projects, promoting increased penetration of private equity PPP infrastructure investments in the region, promoting new methods of financing of PPP infrastructure projects with transparent private sector participation and demonstrating good corporate governance in investee structures.
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