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Meridiam
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Meridiam
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Meridiam is a global investor and asset manager based in Paris specialized in developing, financing and managing long-term public infrastructure projects. Founded in 2005, Meridiam invests in public infrastructure across Europe, Africa and the Americas.

Key Information

Meridiam has offices in ten countries (France, Luxembourg, United States, Turkey, Senegal, Austria, Ethiopia, Jordan, Gabon, South Africa),[2] manages 23bn+ euros of assets and has to date invested in over a hundred transport, building and public services projects.

History

[edit]

2005-2009: First fund and first investments

[edit]

Meridiam was established in 2005 by Thierry Déau, formerly Chief Executive of Egis Projects, a subsidiary of France’s Caisse des Dépôts et Consignations specialized in developing, financing and managing infrastructure projects.

Set up to finance public infrastructure and to create a secure investment framework for long-term savings, Meridiam received the financial and operational support from the Crédit Agricole Group and AECOM Technology.[3]

In 2006, while achieving the first closing of its fund Meridiam I, the company secured its first two projects: the Limerick Tunnel in Ireland,[4] which began operating in July 2010, and the A5 highway in Austria, which opened to traffic in January 2010.[5]

In 2007, Meridiam acquired the Fulcrum LIFT project covering local healthcare facilities in the United Kingdom,[6] as part of large-scale program sponsored by the British Health Ministry.

In 2008, the company proceeded to a new fund-raising round for Meridiam I, which brought the fund size to €548 million.[7] In the same year, Meridiam secured a stake in the A2 Motorway phase I project in Poland.[8]

In 2009, the company won four new projects in Europe: the A5 Motorway in Germany,[9] the A2 Motorway phase II in Poland,[10] the R1 Motorway in Slovakia[11] and the velodrome in Saint-Quentin-en-Yvelines, France.[12] In the same year, Meridiam also secured two projects in the United States: the port of Miami Tunnel, inaugurated in May 2014[13] and the North Tarrant Express Highway in Texas, which began operating in October 2014.[14]

Also in 2009, Infrastructure Investor selected Meridiam as European Fund of the Year.[15]

2010-2011: Continuation of investments in Europe and North America

[edit]

While engaging a fund-raising process on both sides of the Atlantic (Meridiam Infrastructure Europe II[16] and Meridiam Infrastructure North America II[17]), Meridiam signed 6 new contracts between 2010 and 2011, including the new Montreal University Hospital Research Center (which opened in the fall of 2013),[18] the Long Beach Courthouse (which opened in the fall of 2013) in California,[19] the Nottingham Express Transit phase II (which began operating in May 2015),[20] as well as the South-Europe Atlantique High-Speed rail line in France (which began operating in July 2017).[21]

In 2011, Meridiam received the Fund of the Year award for its global achievements by Infrastructure Journal.[22]

2012-2013: Greater independence

[edit]

In 2012, Meridiam set up a new supervisory board.[23] The ownership structure was modified and resulted in the majority of shares being held by partners and employees. As of 2013, AECOM maintained thirty percent ownership in Meridiam.[24]

In the same year, the closing of the funds Meridiam Infrastructure Europe II[25] and Meridiam Infrastructure North America II [17] increased the investment capacity of the company to $2.3 billion.

In order to finance the student housing facilities of the University of Hertfordshire (scheduled to open in September 2016),[26] the company launched in 2013 the first project bond without credit enhancement in Europe.[27] Simultaneously, Meridiam launched a partnership with the EDHEC Risk-Institute to support academic research. A new chair was established, dedicated to infrastructure equity investments, as well as to the recognition of infrastructure as a separate asset class.[28]

This position was recently adopted by the European regulator EIOPA following a consultation.[29]

2014-2019: Development in Africa and new investments in Europe

[edit]

In the first half of 2014, the company announced the fund-raising round of the first fund dedicated to the African continent, the Meridiam Infrastructure Africa Fund, targeting €300 million over a period of 15 years.[30] In September 2015, the European Investment Bank announced its participation in this fund with an investment of €30 million.[31]

In the same year, Meridiam opened an office in Istanbul and invested in four hospital projects in the country.[32]

In February 2015, the company signed a concession contract reuniting the ports of Calais and Boulogne-sur-Mer and comprising the project Calais Port 2015. It is the first French public infrastructure project carried by France as part of the Juncker Plan.[33]

Finally, in the context of the 2015 Paris Climate Conference organized in late 2015, Meridiam announced the launch of a new fund dedicated to infrastructure projects relating to energy transition.[34]

At the beginning of 2016, Meridiam opened an office in Dakar.

2020 and beyond: continuation of investments and takeover of SUEZ

[edit]

In 2020, Meridiam is Veolia's partner in a takeover bid for SUEZ.[35] Thierry Déau, founder CEO of Meridiam, is considered "the third man" within the framework of this project.

In October 2020, Meridiam becomes the majority shareholder of Voltalis, the European leader in active management and reduction of electricity consumption for individuals.

In December, Meridiam and Vinci concluded their public-private partnership contract for the D4 highway in the Czech Republic. This 28-year partnership represented an investment of around 600 million euros. The new highway improves the connection between South Bohemia and Prague, and helps improving traffic conditions on the country's main trade routes, especially to neighbouring Germany and Austria.

In May 2021, Calais port's extension project was completed, marking the end of the works on one of the largest construction sites in Europe. Meridiam, the Caisse des Dépôts, the Hauts-de-France Region CCI and the Grand Port Maritime de Dunkirk, as well as the Société des Ports du Détroit participated in this project.

In June 2021, the executive board of SUEZ and Veolia approved the promise to purchase filed by Meridiam, GIP and Groupe Caisse des Dépôts with CNP Assurances for the acquisition of the "new Suez".[36] The Consortium of Investors is made up of Meridiam and GIP, each one holfing 40% of the capital, and the Caisse des Dépôts Group with CNP Assurances, holding 20% of the capital. The promise to purchase is subject to the waiver of certain precedent conditions, in particular to the approval of SUEZ shareholders and to obtaining the required regulatory authorizations.[37]

Beginning of September 2021, Meridiam takes a 40% stake in Setrag, the concessionaire which operates "the Transgabonais"(Gabon's main railway line), alongside Comilog (a subsidiary of Eramet and the Gabonese State). Setrag is a vital infrastructure for the country's economy, which connects over approximately 650 km, from Franceville (3rd largest city of the country) to Libreville (capital city), to the port of Owendo.

At the end of September 2021, Meridiam, alongside its partners, Hydrogen de France (HDF) and SARA (limited company of the Antilles refinery, Rubis Group), launches the project for the West Guyana Power Plant (CEOG).[38] This is currently the largest power plant project in the world, storing intermittent renewable energies using hydrogen.[39]

Also in September 2021, Meridiam raises more than 5 billion euros for its future sustainable and impact investments. Its assets under management now stand at nearly €15 billion, an increase of around 80%.[40] All new funds are classified under Article 9 of the European regulation on the disclosure of information relating to sustainable finance (SFDR), the highest standard for sustainable development.[41]

In December 2023, Meridiam wins a contract to build and operate Togo’s second solar power plant & The European Investment Bank[42] and showcase a new investment initiative at COP28 to protect vulnerable cities in Africa from climate change.[43]

In January 2024, Meridiam closes transaction to increase ownership in New York’s LaGuardia Airport Terminal B.[44] In March, Meridiam breaks ground in Selma, Alabama, on Transformative Fiber Infrastructure Project.[45] The same month, Exoès partners with Bpifrance and Meridiam in a €35m deal to shape the future of electric mobility.[46]

Activities

[edit]

Meridiam develops, finances, builds and manages various types of projects:

  • Transport infrastructure (high-speed rail lines,[47] highways,[48] tunnels,[13] ports,[49] tramways,[20] etc.)
  • Social infrastructure (schools, universities,[50] healthcare centres,[51] stadiums,[52] etc.)
  • Public buildings (courthouses,[19] government offices,[53] ministries, etc.)
  • Utility networks and services (water, waste management, energy,[54] etc.)
  • New sources of energy (solar, hydroelectric, geothermal energy, etc.)[55]

Meridiam is present in 25 countries with offices located in 10 cities: Paris, Washington, D.C.,[56] Istanbul, Dakar, Luxembourg, Addis Ababa, Vienna, Amman, Libreville, and Johannesburg.

Ethics and governance

[edit]

Signatory of the United Nations’ Principles for Responsible Investment (PRI) since 2010,[57] the company adopted since its inception an Ethics Charter focusing on environmental, social and governance issues.[58]

In January 2012, Meridiam was the first investor and asset manager to receive ISO 9001 certification for its activity including it sustainable investment process.[59]

Méridiam is certified by international standards and development banks which are integrated into the investment process and management of its portfolio.

List of international standards and benchmarks certifying Meridiam

[edit]
  • AFAQ ISO 37001 ANTI-BRIBERY[60]
  • AFAQ ISO 9001
  • PRI[61]

List of development banks certifying Meridiam

[edit]
  • European Investment Bank
  • European Bank for Reconstruction and Development
  • International Finance Corporation

The company has also included in its investments the United Nations Principles of Responsible Investment and the Equator Principles.[62]

In December 2023, Meridiam obtains the international label of companies with a B Corp mission.[63]

Awards

[edit]

Meridiam received the following awards :

  • ”Infrastructure Fund of the year” (2015), ”European Ports Award” with the Calais Port 2015 project and the ”European Refinancing Award” with the B66 Benavente-Zamora project (2015) by the Infrastructure Journal.[64]
  • ”Global Infrastructure Fund of the Year” (2013),[65] “Overall Infrastructure Fund of the Year” (2012),[66] “Fund Manager of the Year – Global” (2011)[22] and “Sponsor of the Year” (2009).[67] by the Infrastructure Journal.
  • ”European Infrastructure Fund Manager of the Year” by Infrastructure Investor (2012, 2011, 2010 and 2009[15]).
  • ”Global Financial Sponsor of the Year” by Project Finance (2009)[68]

Notes

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Meridiam

View on Grokipedia
from Grokipedia
Meridiam is an independent French asset management firm founded in 2005 and headquartered in , specializing in the development, financing, and long-term operation of sustainable public infrastructure projects through public-private partnerships. As a certified B Corporation, it commits legally to balancing profit with social and environmental impact, focusing on sectors including critical public services such as and healthcare, sustainable mobility like rail and urban , and innovative low-carbon solutions for and . The firm manages over €23 billion in assets as of December 2024, encompassing more than 130 projects across , , and the , with a portfolio that has generated over 264,000 direct and indirect jobs. Meridiam's investment approach emphasizes long-term aligned with the , including initiatives for , preservation, and support for green small and medium-sized enterprises (SMEs). Notable achievements include the launch of specialized funds like the Meridiam Infrastructure Fund and the recent closure of its fourth North American infrastructure fund (MINA IV) in October 2025, raising over $1.8 billion to target resilient, impact-driven assets. With approximately 400 employees across 10 offices, Meridiam prioritizes partnerships with development finance institutions and academic collaborations to mitigate risks and enhance project outcomes in emerging markets. While Meridiam's model has drawn praise for its patient capital strategy in , it has faced isolated disputes, such as a 2023 lawsuit alongside partner against the over alleged breaches in a $1.2 billion public-private partnership for campus utilities, highlighting execution challenges in complex projects. The firm aims for carbon neutrality across its full portfolio by 2050, integrating scopes 1, 2, and 3 in its impact reporting.

History

Inception and Early Investments (2005-2009)

Meridiam was founded in in 2005 by Thierry Déau, a former chief executive of Egis Projects, a subsidiary of France's . The firm emerged from Déau's vision to bridge public and interests through long-term investments, emphasizing sustainable, responsible projects that deliver societal benefits alongside financial returns. This approach targeted public-private partnerships (PPPs) in essential , distinguishing Meridiam from traditional funds by prioritizing extended holding periods—typically 25 years or more—to align with asset lifecycles and mitigate short-term market pressures. The company's inaugural activities commenced in 2006 with the launch of its first fund and securing initial projects, focusing on European mobility and transport infrastructure. A key early investment was in the Limerick Tunnel project , where Meridiam acquired a stake in DirectRoute (Limerick) Limited, the special purpose vehicle holding a 35-year concession to , , and operate a 10 km tolled bypass including a 675-meter tunnel under the River Shannon. This €437 million initiative aimed to alleviate congestion on the N18 route by diverting heavy goods vehicles from Limerick city center, with construction advancing through the late and the tunnel opening to traffic in 2010. During 2007-2009, Meridiam continued building its pipeline amid the global , which underscored the resilience of long-term assets but constrained fundraising. The firm raised its debut , Meridiam Infrastructure , targeting €600 million for PPP opportunities, though exact closure details reflect the era's liquidity challenges. These efforts established Meridiam's model of patient capital deployment, with early commitments emphasizing and , such as energy-efficient lighting upgrades in the Limerick to reduce long-term costs. By 2009, the portfolio laid groundwork for expansion, demonstrating viability in core markets despite economic headwinds.

Expansion into Core Markets (2010-2013)

During 2010 and 2011, Meridiam continued its investments in European infrastructure while initiating expansion into through the launch of its Meridiam Infrastructure Fund II in July 2010, targeting public-private partnership projects in the United States and . This fund represented a strategic pivot to core markets beyond , building on early North American forays like the Port of Miami Tunnel project, where Meridiam participated in financing a $900 million twin-bore road tunnel connecting the port to the city center, with construction commencing in 2010. The focus remained on long-term assets such as transportation and social infrastructure, aligning with Meridiam's model of greenfield development in countries. In 2012, Meridiam achieved greater operational independence by establishing a new and becoming the first infrastructure investor to receive ISO 9001:2008 certification for its process and risk management systems, emphasizing sustainable and responsible practices. That year, the firm closed its Meridiam Infrastructure II fund at €935 million in March, exceeding the prior fund's size by €300 million and attracting two-thirds new limited partners, which supported deepened commitments to European public infrastructure like motorways and hospitals. Complementing this, the Fund II reached final close at $1.05 billion in October, enabling further project deployments in the region. By 2013, Meridiam had closed five landmark European projects, marking one of the strongest annual performances among sponsors and solidifying its position in core markets, with approaching €2.8 billion. These closures included key public-private partnerships in transportation and social sectors, reflecting successful scaling from initial funds while maintaining a focus on long-term value creation amid post-financial crisis recovery.

Achieving Independence and Initial Global Reach (2014-2019)

In 2014, Meridiam marked a significant milestone with the opening of the on August 4, a $900 million public-private partnership project in which the firm served as the primary equity investor, providing a twin-bore roadway connecting the to the mainland and diverting approximately 16,000 vehicles daily from downtown streets to improve urban and port access. This project underscored Meridiam's growing capability to finance and manage complex North American infrastructure independently, building on its equity commitment since replacing an earlier partner in 2008. The firm's expansion into accelerated in 2015 with the launch of the Meridiam Infrastructure Fund (MIAF), a €300 million vehicle targeting long-term investments in sustainable across the continent, including , , , water, and , with an initial closing of €207 million. By 2019, the fund had been reopened and upsized to €546 million—2.5 times its original target—with commitments fully deployed ahead of schedule, enabling projects such as facilities in and developments in that addressed access deficits in emerging markets. These initiatives reflected Meridiam's strategy of leveraging independent to pursue greenfield opportunities beyond , prioritizing impact-driven investments in regions with high needs. Throughout 2014–2019, Meridiam maintained robust European engagements while scaling globally, including lines like the Tours-Bordeaux connection in and further public-private partnerships in sectors such as mobility and low-carbon solutions, which complemented its transatlantic and African portfolio to diversify risk and enhance long-term returns. This phase solidified the firm's operational autonomy, free from prior institutional dependencies, allowing agile decision-making in fund deployment and project origination across continents.

Recent Growth, Acquisitions, and Strategic Shifts (2020-Present)

Meridiam expanded its from over $8 billion in 2020 to more than €23 billion by December 2024, reflecting sustained and deployment across sectors. By 2025, the firm oversaw more than 130 or in , the , and . This growth coincided with a heightened emphasis on sustainable , including projects, as evidenced by the firm's five strategic pillars: delivering resilient , accelerating , avoiding and reducing emissions, promoting good work conditions, and fostering . In October 2025, Meridiam closed its Meridiam Infrastructure Fund IV (MINA IV), securing commitments exceeding $1.8 billion against a $1.7 billion target, underscoring its deepened North American presence in roads, rail, and facilities. Earlier, in April 2025, a Meridiam-led invested €27 million in iwell, a developer of storage systems, to support grid flexibility and renewable integration. These fundraises built on prior efforts, such as a 2021 raise of over €5 billion for sustainable investments. Key acquisitions included a majority stake in Oxand in January 2025 via the Green Impact Growth Fund, targeting software for lifecycle optimization of infrastructure assets to enhance maintenance efficiency and energy performance. In September 2023, Meridiam acquired Conrac Solutions, a U.S.-based provider of integrated guidance, , and EV charging systems, aligning with trends in mobility infrastructure. Strategic shifts emphasized and emerging markets, including a 2025 long-term with Infinity Power for developing solar, wind, and projects in . In July 2025, Meridiam launched a with Dijon métropole to advance initiatives in public lighting and urban mobility. The firm also increased its stake in Terminal B in 2024, contributing to the project's retention of a five-star rating in February 2025. These moves reflect a pivot toward impact-driven investments, with comprehensive assessments integrated since 2020 to evaluate environmental and social outcomes across operations.

Business Model and Investment Approach

Core Investment Philosophy

Meridiam's core investment emphasizes long-term commitments to sustainable development, prioritizing the creation of assets that deliver enduring societal and environmental benefits alongside financial returns. Established in , the firm adopts a greenfield approach, focusing on designing, financing, and operating projects that address critical needs in public services, mobility, and low-carbon . This is grounded in responsible investment practices, integrating environmental, social, and governance (ESG) criteria from inception to ensure resilience and value creation for stakeholders, including public authorities and communities. Central to this approach is the alignment with the (SDGs), which Meridiam incorporates into its decision-making through a proprietary ESG-SDG framework for risk assessment and impact measurement. The firm structures investments around five strategic pillars, including integration, to generate extra-financial outcomes such as reduced carbon emissions and enhanced public welfare, while managing ESG risks systematically. For instance, Meridiam's methodology quantifies contributions to SDGs across its portfolio, enabling targeted enhancements in areas like sustainable cities and . As a certified , Meridiam positions itself as a preferred partner for transformative projects, advocating that must meet high ethical and standards to maximize long-term viability and stakeholder trust. This entails holding assets over extended horizons—often decades—to optimize operational and societal impact, rather than short-term flips. The philosophy extends to policy commitments, such as aligning investments with net-zero trajectories and protecting , reflecting a causal focus on 's role in mitigating systemic risks like .

Funds, Asset Management, and Risk Framework

Meridiam structures its investments through dedicated funds targeting sustainable greenfield projects in sectors such as , mobility, and . Key funds include Meridiam Fund I, a 2006 vintage core fund; Meridiam Europe II SICAR, closed in April 2012; and Meridiam North America Fund II LP, launched in November 2012. Later vehicles encompass Meridiam North America Fund III, a 2017 vintage fund, and Meridiam Africa Fund, established in 2019, alongside Meridiam Sustainable Europe IV, which received up to €120 million in equity from the European Bank for Reconstruction and Development. In October 2025, the firm closed its flagship Meridiam North America IV (MINA IV) fund, raising over $1.8 billion to support U.S. and Canadian developments. As an asset manager, Meridiam oversees a portfolio exceeding 130 assets globally, emphasizing long-term ownership, development, financing, and operation of public-private partnership projects. As of December 2024, assets under management (AUM) surpassed €23 billion, reflecting growth from prior capital raises, including over $6 billion (€5 billion) in new commitments that expanded AUM by approximately 80% to nearly $18 billion at that earlier milestone. The firm's approach prioritizes sustainable infrastructure with extended investment horizons, often 20-50 years, to align with public service concessions and generate stable, inflation-linked returns while mitigating short-term market volatility. Meridiam's risk framework integrates environmental, social, and governance (ESG) considerations as core to , with a Sustainability Risk Policy mandating ESG risk assessments, exclusion lists for harmful activities (e.g., fuels beyond transition thresholds), and ongoing monitoring through Environmental and Social Plans (ESMPs). risks are addressed via a dedicated incorporating , transition hazard projections, and asset-specific impacts on capital expenditures and EBITDA, while a Taskforce on Nature-related Financial Disclosures (TNFD)-aligned roadmap evaluates and dependencies across portfolios. For emerging markets, risks are hedged through political-risk , euro-pegged revenue contracts, and collaborations with development institutions like the U.S. Finance Corporation, emphasizing counterparty and geopolitical exposures over broad regional instability. This selective, long-term orientation avoids high-risk speculative ventures, focusing instead on resilience and measurable impact aligned with .

Key Investments and Portfolio

European Infrastructure Projects

Meridiam's European portfolio encompasses over 100 assets spanning transport, energy, digital connectivity, and social services, primarily developed through public-private partnerships (PPPs) and greenfield investments. These projects emphasize long-term resilience, sustainability, and alignment with priorities such as the Green Deal and digital transition, with total exceeding €23 billion as of December 2024. Key funds supporting these investments include Meridiam Infrastructure Europe II (closed in 2009), Meridiam Infrastructure Europe III, and Meridiam Sustainable Infrastructure Europe IV (targeting €2.71 billion raised in 2021 for greenfield ). In the transport sector, Meridiam has financed major road, rail, and urban mobility initiatives. Notable examples include the South Europe Atlantic (SEA) line connecting Tours to in , operational since 2017 and spanning 302 kilometers to reduce regional travel times. The Nîmes-Montpellier railway bypass in , completed in 2018, features a 20-kilometer to alleviate congestion on the Paris-Marseille line. In the , Meridiam supports the Phase 2 tramway extension (opened 2015), adding 8.1 kilometers of track serving over 10 million passengers annually, and the A465 Sections 5 and 6 road upgrade in , enhancing connectivity between and . Highway projects include Germany's A4, A5, and A7 south sections, Austria's A5 Ostregion motorway linking to Vienna's , and Spain's Ausol II highway between and Guadiaro. Italy's Firenze tramway and PisaMover automated further exemplify urban sustainable mobility efforts. Energy and low-carbon projects form a growing segment, driven by Meridiam's commitment to emission reductions. In , investments cover platforms with Evergaz (including sites like Marnay Energie and ), the Agrimaine plant, and the Swiss Krono facility for industrial heat. The Verkor in targets annual production of 50 gigawatt-hours of low-carbon batteries by 2025. Cross-border initiatives include the NeuConnect , a 720-kilometer HVDC cable linking the and , reaching financial close in July 2022 with a €2.8 billion investment to enable 1.4 gigawatts of transfer. In December 2024, Meridiam acquired a stake in the €1.9 billion Great Sea Interconnector, an undersea cable project linking Greece's grid to and for enhanced . The 's Fulcrum processes 410,000 tonnes of annually into . Digital infrastructure investments prioritize expansion, such as Romania's Netcity fiber-optic network for urban connectivity and Austria's Magenta Fibre and Liezen Fibre projects for regional high-speed access. In , a partnership with deploys fiber networks. Pan-European efforts include majority ownership in Allego, operating over 40,000 EV charging points across the continent as of 2023, and Carrefour's French EV charging network, financed via project debt in a sector-first structure. Social infrastructure features projects like Finland's four education facilities (two schools and two daycare centers) awarded to Meridiam in , and the UK's student accommodation for 1,000 beds. Ports of and in handle 40 million tonnes of cargo yearly, supporting logistics resilience. Ireland's Limerick , operational since 2010, reduces urban traffic by diverting 20,000 vehicles daily. These assets collectively aim to deliver stable returns while addressing gaps, though varies by project maturity and regulatory environments.

North American Developments

Meridiam established its North American presence through Meridiam Infrastructure North America Corporation, focusing on public-private partnerships for in transportation, utilities, digital connectivity, and . The firm has developed a portfolio emphasizing managed lanes, airports, , fiber networks, and water systems, with investments spanning the and . By 2024, Meridiam managed approximately 25 assets across the , , and select other regions, involving aggregate capital commitments nearing $29 billion. A of Meridiam's North American involves dedicated funds under the Meridiam North America (MINA) series. The fourth iteration, MINA IV, closed in 2025 with over $1.8 billion in commitments, exceeding its $1.7 billion target and targeting transformative projects in , mobility (including toll roads), and essential services. This builds on prior funds, enabling deployments in complex public-private partnerships that prioritize long-term resilience and returns. In mobility infrastructure, Meridiam leads in managed lanes, maintaining a portfolio of six such projects as of 2025, positioning it as a top developer in US public-private transportation. Notable examples include the North Tarrant Expressway Segments 1, 2, and 3 in Texas, which expanded congested highways IH-820 and SH-121/183; IH-635 (LBJ) Managed Lanes in Texas; I-66 Managed Lanes in Virginia; and the recently closed SR-400 Express Lanes in Georgia, a $11 billion initiative (including $3.9 billion in private equity) adding 16 miles of tolled lanes along Georgia State Route 400, with construction slated for completion by spring 2031. Airport developments feature the Port of Miami Tunnel in Florida, connecting the port to the mainland, and LaGuardia Terminal B in New York, alongside a $299 million ground transportation center at Reno-Tahoe International Airport, announced in May 2024 to boost efficiency and sustainability. Light rail projects encompass the Purple Line in Maryland and Waterloo Light Rail Transit in Ontario, Canada. Utility and digital initiatives highlight Meridiam's diversification. In water and energy, investments include the Laguna Water Supply in and utility systems at Fresno State University in and the . Digital fiber expansions involve Hoosier Fiber Networks (H-NET) in , with a $50 million commitment announced in May 2022 to deliver high-speed internet to Bloomington residents; and Memphis Fiber Networks; and Fiber Networks (A-NET) in . Canadian projects also extend to highways like the SW Calgary Ring Road and NE in , plus the Montreal University Hospital Research Center. These efforts underscore Meridiam's model of financing assets with 50-year horizons, often yielding measurable economic impacts like job creation, though outcomes depend on execution amid regulatory and fiscal variables.

African and Emerging Market Engagements

Meridiam launched the Meridiam Infrastructure Fund (MIAF) in 2015 with an initial target of €300 million to finance long-term sustainable projects across , focusing on sectors such as , transportation, environmental services, and social . The fund was reopened and closed in March 2019 at €546 million, exceeding its hard cap of €510 million, enabling investments in eight to ten projects including , , , water, and waste management. Specific investments under MIAF include four plants in totaling significant capacity to support expansion and a geothermal project in aimed at diversifying the country's mix. Subsequent engagements include the NEoT Offgrid Africa platform, established by Meridiam in partnership with EDF and to develop and invest in off-grid solutions targeting rural and underserved areas in select African countries. In July 2023, Meridiam joined EDF and SIFCA to lay the foundation for West Africa's largest biomass power plant in Aboisso, Côte d'Ivoire, designed to generate from and enhance regional energy security. The firm also manages the Nouakchott Coastline Development Project in , initiated to protect the capital from and flooding through resilient infrastructure measures. In June 2024, Meridiam facilitated a $15 million investment (with potential expansion to $25 million) from into Rift Valley Energy for geothermal and renewable projects in . Meridiam Infrastructure Africa Fund II (MIAF II), managed by the firm, continues targeting pan-African infrastructure with a focus on greenfield projects in essential services. As of January 2025, Meridiam had invested approximately €5 billion across African projects, with founder Thierry Déau stating plans to double this figure in the near term through expanded fundraisings and partnerships. A notable recent commitment includes a January 2025 investment in Ilitha Telecommunications in South Africa to deploy fiber-optic networks serving underserved townships and bridging digital divides. In emerging markets outside Africa, Meridiam's activities remain limited and exploratory. The firm has expressed interest in Central Asian opportunities, including public-private partnerships for educational facilities, transport infrastructure like the Tashkent-Andijan , and healthcare projects in , with discussions ongoing as of early 2025 but no confirmed investments to date. In , Meridiam restricts engagements to OECD member countries such as and to mitigate risks, though specific project details are not publicly detailed beyond general portfolio references. Overall, constitutes the core of Meridiam's emerging market strategy, supported by dedicated funds and development finance collaborations like a $50 million debt facility from the U.S. Finance Corporation.

Major Acquisitions and Partnerships

In 2018, Meridiam acquired a majority stake in Allego, a leading pan-European provider of charging infrastructure operating in 16 countries with nearly 40,000 charging points, as part of its strategy to accelerate the transition to sustainable mobility. In the same year, the firm entered a with Evergaz, acquiring a co-controlling 28% stake to develop and invest in production assets across and Europe, including plants that convert into . Meridiam partnered with in multiple ventures, including a 50/50 joint special purpose vehicle awarded a 50-year utility management concession at the in December 2019 to advance zero-carbon campus operations through energy efficiency and integration. Earlier, in April 2018, the duo secured preferred bidder status for two solar photovoltaic projects in via public tender, aiming to expand capacity in emerging markets. Significant expansion continued with the January 2022 closure of a consortium acquisition of , a major environmental services provider, where Meridiam and partners increased their stake to bolster and infrastructure amid Europe's green transition demands. In December 2022, Meridiam acquired a 72% stake in PisaMover from Leitner S.p.A., deploying a fully electric system at in to enhance sustainable urban mobility. The firm further diversified in 2023 by acquiring Conrac Solutions in May, a U.S.-based developer and operator of consolidated rent-a-car facilities, which manages 17 projects and supports subsequent initiatives like a $299 million upgrade at Reno-Tahoe International focused on and . In September 2023, Meridiam took a majority stake in Okamac alongside its founder, positioning it as France's leader in Apple computer reconditioning to promote practices in electronics. More recently, through its Green Impact Growth Fund, Meridiam acquired a majority stake in Oxand on January 15, 2025, a Paris-based provider of lifecycle optimization software for , enhancing and capabilities across . The company has also deepened ties in water via partnership with PERENfra, exemplified by the acquisition of the Laguna Water Supply platform in to deliver 20% of San Antonio's sustainable water needs. Additional moves include increasing its ownership in New York's LaGuardia Terminal B by approximately 16% and strengthening stakes in concessions like LISEA for the Tours-Bordeaux line through agreements with Ardian and Caisse des Dépôts et Consignations.

Governance and Ethical Practices

Corporate Structure and Leadership

Meridiam is structured as an independent firm operating under the legal form of Meridiam SAS, a French , with a focus on long-term investments across public-private and direct . As a certified B Corporation since its certification, the company's embeds commitments to social and environmental performance alongside financial objectives, as stipulated in its bylaws, overseen by a for strategic guidance and an executive team for operational execution. The firm maintains approximately 400 employees across 10 global offices, emphasizing a model where senior executives hold equity stakes to align interests with long-term value creation. Thierry Déau founded Meridiam in 2005 and continues as its Chairman and , serving as the principal shareholder alongside several team members, which ensures and alignment with the firm's transformational mandate. Prior to Meridiam, Déau led Egis Projects as CEO, bringing expertise in engineering and collaborations that shaped the firm's early public-private focus. Key executive roles include Sandra Lagumina as Deputy CEO, responsible for operational oversight, and Emmanuel Rotat as Partner and , managing financial strategy and compliance. Other partners, such as Ginette Borduas heading ESG and sustainability initiatives, integrate impact metrics into investment decisions. The supervisory board provides independent oversight, chaired by Jane Garvey, former U.S. head, with members including former Canadian Prime Minister , French diplomat Stéphanie Rivoal, and Dr. Alexandra de Hoop Scheffer, offering diverse expertise in policy, , and to guide ethical and strategic priorities. This dual-board structure, common in French SAS entities with supervisory elements, balances executive agility with external accountability, though ownership remains concentrated among Déau and aligned insiders rather than diffuse institutional investors.

Compliance, Certifications, and Policies

Meridiam maintains ISO 9001:2015 certification for its quality management systems, which integrates environmental, social, and governance (ESG) procedures alongside (SDGs) into investment and processes; this certification, initially obtained under ISO 9001:2008 in 2012, undergoes annual renewal and verification by the French Accreditation Committee (COFRAC). The firm also holds international B Corp certification, awarded based on a score of 114.2 that assesses social and environmental performance, transparency, and accountability against a minimum threshold of 80; this certification underscores Meridiam's commitment to balanced impact across stakeholders. Further, Meridiam possesses certification for anti-bribery management systems from , focusing on prevention, detection, and mitigation of risks, and an Advanced Rating from Vigeo Eiris (Moody's ESG Solutions), evaluating ESG integration in operations. The company's policies emphasize ethical and risk mitigation. Its Anti-Bribery and Policy, enforced via an Anti- Compliance Management System (ACMS), mandates , , and monitoring, with ongoing enhancements to address evolving risks. The Sustainability Risk , updated as of December 2023, requires systematic ESG/SDG assessment at project inception, execution, and monitoring stages, ensuring alignment with regulatory standards and periodic reporting. Meridiam's Policy, revised in February 2024, commits to respecting international principles, including labor standards and , while complying with local ESG regulations in operational jurisdictions. The Responsible Policy prohibits , requiring transparency in interactions with public officials and adherence to legal codes of conduct. Compliance frameworks at Meridiam prioritize regulatory adherence, including ESG disclosure obligations under frameworks like Article 29 of the French Taxonomy Regulation, with documented indicators and audit trails for investments. These measures extend to third-party oversight, where partners must align with Meridiam's standards, supported by internal audits and external validations to minimize non-compliance risks.

Human Rights and Anti-Corruption Measures

Meridiam formalized its Policy in February 2024, embedding respect for human rights within its investment processes and operations. The policy aligns with the Universal Declaration of and the , emphasizing prevention of adverse impacts across its value chain, including suppliers and portfolio companies. It mandates to identify, assess, and mitigate risks related to , non-discrimination, and community impacts, with requirements for annual reporting and training for employees. This framework extends to investments, where assets must implement relevant measures, such as gender-fair wage policies when applicable. The policy promotes and development as core elements, integrated into Meridiam's ESG framework to support positive social outcomes in infrastructure projects. Compliance is enforced through internal audits and grievance mechanisms, with escalation to the for violations. Meridiam's approach also addresses modern slavery risks via supplier codes and contract clauses requiring adherence to international standards. On , Meridiam operates under a dedicated Anti- and Policy, updated in 2024, which prohibits all forms of , facilitation payments, and corrupt practices by staff, partners, and third parties. The policy requires immediate reporting of suspected incidents to the and includes risk-based for transactions and relationships. It aligns with laws such as the U.S. and France's Sapin II, enforcing zero-tolerance through training, audits, and disciplinary actions. Meridiam holds certification for anti-bribery management systems, validating its controls as of 2022. Partners and portfolio companies are contractually bound to similar standards, with Meridiam conducting assessments to ensure alignment. The Responsible complements these measures by regulating influence activities to prevent undue advantages, subject to annual reviews and board oversight.

Performance, Impact, and Scrutiny

Financial Metrics and Returns

As of December 2024, Meridiam managed exceeding €23 billion, excluding certain exclusions such as . The firm has cumulatively invested more than €87 billion across its infrastructure projects since inception. In 2024, Meridiam deployed €4 billion into new investments. At the portfolio level, operational performance showed revenue of €7.5 billion, an increase from €6.7 billion in 2023; EBITDA of €2.7 billion, up from €2.5 billion; and enterprise value of €40.8 billion, rising from €34.7 billion. These figures reflect growth in underlying asset cash flows from long-term concessions and contracts in sectors such as , , and social infrastructure. Meridiam's fundraising track record underscores investor confidence, with historical fund closings including €547 million for its inaugural fund in 2008, €904 million for in 2012, $1.05 billion for in 2012, and €485 million for the Meridiam Transition Fund in 2016. More recently, in October 2025, the firm closed its at over $1.8 billion, exceeding its $1.7 billion target and surpassing the prior fund's size. Detailed internal rates of return (IRRs) or realized multiples for Meridiam's closed funds remain undisclosed, aligning with standard practices for private managers where performance data is shared selectively with limited partners. The firm's sustained AUM expansion—from approximately €15 billion in 2021 to over €23 billion by late 2024—and ability to attract repeat institutional capital indicate reliable risk-adjusted returns commensurate with the stable, inflation-linked revenues typical of core assets.

Claimed Environmental and Social Impacts

Meridiam integrates environmental, social, and governance (ESG) criteria into investment decisions, excluding extraction, processing, transportation, and coal-based infrastructure to minimize adverse impacts. The firm's 2025 Impact Report details portfolio-wide capacity at 834 MW, a 10% increase from 2023 levels, contributing to emissions avoidance. Specific environmental claims include the NeuConnect project's projected avoidance of over 13 million tons of CO2 emissions across 25 years, the Fresno State Campus upgrades reducing annual emissions by more than 7,900 tons, and the Tramway line averting 14,000 tons of CO2 yearly. Biodiversity efforts encompass CEOG's restoration of 81 hectares of ecosystems and the Biodiversio initiative's planting of 350 trees across 20 species on 0.4 hectares. Social impacts claimed by Meridiam include the creation or support of 264,000 direct and indirect jobs, up 6% from 2023. Educational assets serve 28,300 students annually, a 1% rise, while health infrastructure provides 12,500 beds, increasing 2% year-over-year. Community-level benefits cited involve the Hospital treating 4,969 emergency victims amid the 2023 earthquakes and the Meridiam Endowment Fund disbursing €157,000 to seven initiatives. Projects like the Desalination Plant supply water to 3 million residents, boosting availability by 60%, and the coastal defenses protect 75,000 people from flooding. These metrics derive from Meridiam's proprietary Sustainability Impact Measurement Platform (SIMPL) and Climate Impact Analytics for Real Assets (CIARA), aligned with UN Sustainable Development Goals and frameworks like TCFD and TNFD. The firm holds B Corporation certification since 2022 and reports audits by Baker Tilly on mission objectives, though impacts remain primarily self-assessed via internal methodologies.

Economic Critiques and Efficiency Debates

Public-private partnerships (PPPs), a core model for Meridiam's infrastructure investments, have faced scrutiny over their and value for money, with critics arguing that involvement often imposes higher costs on taxpayers compared to traditional public . Studies and reports indicate that PPPs can incur financing premiums of 2-3% above borrowing rates due to private debt structures, potentially adding billions to project costs over concession periods spanning 20-50 years, without commensurate efficiency gains in all cases. Meridiam, managing funds dedicated to greenfield PPPs in sectors like and , operates within this framework, where long-term contracts aim to transfer risks such as overruns and operational maintenance to private consortia. Efficiency debates center on whether private operators deliver superior lifecycle or if profit incentives lead to suboptimal outcomes, such as deferred maintenance to maximize short-term returns or rigid contract terms limiting adaptability to economic shifts. The National Audit Office has highlighted that while PPPs can ensure on-time delivery, clients often lack expertise to negotiate effectively, resulting in unbalanced risk allocation where governments absorb unforeseen costs like revenue shortfalls. In Meridiam's case, a 2023 dispute with the over a $1.2 billion PPP for student housing and —alleging breaches in payment obligations—illustrates enforcement challenges, potentially eroding projected efficiencies if litigation diverts resources from asset optimization. Proponents, including Meridiam's submissions to ary inquiries, counter that PPPs provide verifiable value through whole-life costing, with private finance enabling funding and incentivizing performance via penalties for downtime or quality failures. Empirical analyses of PPP portfolios suggest private management can reduce operational costs by 10-20% in competitive bids, though this varies by and complexity, with emerging markets adding currency and political risks that may undermine returns. Overall, while Meridiam reports aligning financial returns with impact metrics, sector-wide data questions if PPP premiums consistently justify efficiency claims, particularly amid rising interest rates post-2022 that amplify debt servicing burdens.

Recognition and External Assessments

Awards and Industry Accolades

Meridiam holds multiple certifications recognizing its operational and standards. It achieved B Corp certification for high social and environmental performance, ISO 9001:2015 quality management certification initially in 2012 with annual renewals, and anti-bribery certification for offices in , , (November 2021, renewed annually), , and (November 2024). The firm earned a Moody's assessment score of 65/100, classified as "Advanced," in both 2020 and 2022, and scored 100% on three modules and 95% on one in the 2023 UN (PRI) assessment, exceeding median benchmarks. Meridiam signed the Net Zero Asset Managers Initiative in July 2021, committing to net-zero emissions by 2050, and received Best Place to Work certification in in 2024. The firm has garnered industry awards for specific infrastructure deals and overall investment approach. In 2020, Infrastructure Investor granted three honors: Energy Deal of the Year (North America) for the University of Iowa Utility System PPP, a 50-year, over $1 billion contract achieving financial close on March 10, 2020; Transport Investor of the Year (Global) citing projects like the Nairobi-Nakuru-Mau Summit Highway (1.3 billion euros, 175 km, 30 years); and Transport Investor of the Year (Europe) for initiatives including the A465 and A49 roads and Sofia Airport. In 2021, IJGlobal Awards recognized the D4 Haje-Mirotice as Europe Transport Deal of the Year, Project EV Cars as EV Charging Deal of the Year, and Fresno State Energy P3 as Social Infrastructure Deal of the Year; IJInvestor named Meridiam EMEA Impact Investor of the Year, while PFI awarded it Global Investor of the Year with the D4 project as PPP Deal of the Year. More recent accolades include third place on New Private Markets' 2024 Impact 50 list for impact-focused capital deployment, the 2023 IJ Awards' Restructure Deal of the Year for the MTA Maryland Purple Line, and ARTBA's 2023 P3 Project of the Year for Transform66. In 2025, partners including Meridiam won a P3 Bulletin P3 for the I-10 highway in in the Best Road, Bridge or Tunnel category. Project-specific recognitions encompass ACI Europe's top for the Vasil Levski Sofia transformation (5-10 million passengers category, 2025), ACI World's Best in (5-15 million passengers, 2025) and Best under 2 million passengers in for Antananarivo (2025), and ACI's 2023 Service Quality for LaGuardia (25-40 million passengers, awarded 2024). The UN PRI highlighted Meridiam's Sustainability Impact Measurement Platform in 2022 for aligning assets with UN .

Independent Evaluations and Stakeholder Views

Meridiam has received an "Advanced" sustainability rating from Moody's ESG Solutions (formerly Vigeo Eiris) in assessments conducted in 2020 and 2022, scoring 65 out of 100 against a target of 70, evaluating the firm's ESG integration, strategy implementation, and portfolio-level performance across environmental, social, and governance factors. These independent ratings, solicited biennially since 2020, highlight strengths in SDG-aligned infrastructure but note room for improvement in achieving targeted scores. The firm also holds B Corporation certification, recognizing its commitment to balanced social and environmental performance alongside profit, with ongoing verification of standards in governance, workers, community, environment, and customers. Project-specific credit assessments, such as DBRS Morningstar's A (low) rating with stable trends for debt issued by Kiewit Meridiam Partners LLC in 2021, reflect solid financial structuring in certain infrastructure deals, though firm-level credit ratings are not publicly issued by major agencies like Moody's or S&P for Meridiam itself. Stakeholder perspectives, including from limited partners (LPs), emphasize Meridiam's ability to deliver measurable impact without compromising returns, as evidenced by the oversubscribed close of its Meridiam Fund IV at over $1.8 billion in October 2025, attracting institutional investors focused on sustainable infrastructure. Industry observers in publications like Infrastructure Investor have praised the firm's SDG measurement tools and long-term approach, with CEO Déau noting LP scrutiny ensures financial viability alongside impact goals. However, operational challenges have drawn criticism, notably in the $1.2 billion utilities PPP, where Meridiam and alleged breaches by the university in payments and approvals starting in 2023, leading to countersuits over fees and contract terms; the dispute was settled confidentially in July 2025 without admission of liability. Employee feedback via rates Meridiam Infrastructure North America at 3.8 out of 5 overall, with strengths in culture (3.8) but lower marks for work-life balance (3.0), indicating mixed internal stakeholder satisfaction amid growth in n operations. No widespread controversies or NGO-led critiques of Meridiam's practices were identified in , though the Iowa case underscores risks in PPP execution where public-sector partners contest private operator margins and obligations.

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  126. https://www.acciona.com/updates/articles/acciona-winner.p3-awards-i-10-highway-louisiana
  127. https://www.meridiam.com/wp-content/uploads/2021/09/2020-12-01-Attestation-Sustainability-Rating-Meridiam-1.pdf
  128. https://www.meridiam.com/wp-content/uploads/2023/03/Meridiam_Certificate_December-2022_vF.pdf
  129. https://dbrs.morningstar.com/research/384492/kiewit-meridiam-partners-llc-rating-report
  130. https://finance.yahoo.com/news/meridiam-successfully-closes-mina-iv-110100994.html
  131. https://www.thegazette.com/higher-education/university-of-iowa-settles-with-p3-utilities-partner-following-contract-breach-accusations/
  132. https://www.glassdoor.com/Reviews/MERIDIAM-INFRASTRUCTURE-NORTH-AMERICA-Reviews-E438014.htm
  133. https://www.press-citizen.com/story/news/local/2025/07/02/university-of-iowa-and-energy-collaborative-settle-legal-dispute-over-utility-agreement/84432797007/
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