Meridiam Sustainable Infrastructure Europe IV

Location:

Regional

Project number:

52673

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Approval date:

14 Jul 2021

Status:

Signed

PSD disclosed:

14 Jun 2021

Project Description

Provision of an equity investment of up to EUR 120 million in Meridiam Sustainable Infrastructure Europe IV ("the Fund"). EBRD's commitment would be deployed exclusively in selected EBRD's countries of operations ("CoOs").

Project Objectives

The Fund will invest in capital expenditure-intensive infrastructure projects that provide essential services, generating a positive socio-economic impact, as well as in operational assets. The Fund will be managed by Meridiam SAS ("Meridiam" or "the Fund Manager"). Meridiam will apply the sustainability strategy that it has developed over the years and that focuses on themes such as resilient infrastructure and sustainable cities, clean and affordable energy, climate action and strategy, good working conditions, inclusion and gender and biodiversity. These sustainability pillars are linked to the Sustainable Development Goals ("SDGs") against which the Fund will be measured. 

Transition Impact

ETI score: null

EBRD's proposed investment is expected to promote the more widespread use of private ownership in infrastructure projects and thereby contribute to the resilience of the infrastructure sectors in EBRD's CoOs and the delivery of SDGs in line with the Fund's sustainability strategy. Furthermore, the transaction is expected to contribute to improved energy and resource efficiency, and enhanced resilience to physical climate and climate transition risks. This transaction will be the first EBRD investment in a fund where the manager has committed to build an overall fund portfolio in line with or under the 2 degree celsius threshold set at the Paris United Nations Climate Change Conference.

Client Information

MERIDIAM SUSTAINABLE INFRASTRUCTURE EUROPE IV

EBRD Finance Summary

EUR 120,000,000.00

Total Project Cost

EUR 2,316,000,000.00

Additionality

EBRD's participation in the Fund is expected to attract capital for sustainable infrastructure projects in its CoOs. Additionally, EBRD and Meridiam will continue to cooperate on developing and improving the Fund's approach to sustainability.

Environmental and Social Summary

Categorised FI (ESP 2019).  The Fund Manager is familiar with EBRD's requirements as a result of EBRD involvement in the previous Meridiam Funds.  EBRD's investment will comply with EBRD's Performance Requirements ("PRs") 2, 4 and 9, adopt and implement EBRD's Environmental and Social ("E&S") Risk Management Procedures for Active Equity Funds, and submit Annual Environmental and Social Reports to the Bank.  EBRD has reviewed the Fund Manager's Environmental and Social Management System ("ESMS"), confirming that it is fit for purpose for infrastructure investments, including high risk and Category A investments. The Fund Manager has a strong ESMS in place, including E&S and climate risk screening, which also includes the mapping of investments to SDGs.  The Fund Manager has adequate internal capacity, relying on a number of internal E&S specialists as well as external independent experts.  The Fund Manager is aware that they must refer all Category A sub-projects, as well as Referral List investments, at an early stage to the Bank. 

Technical Cooperation and Grant Financing

None envisaged at this stage. 

Company Contact Information

Michel Andre Volle
m.volle@meridiam.com
+33 1 53 34 96 98
www.meridiam.com
4 place de l'Opéra, 75002 Paris, France

Implementation summary


PSD last updated

24 Jun 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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