DIF Infrastructure III closes waste water concession project in France

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DIF Infrastructure III closes waste water concession project in France

DIF Infrastructure III and Veolia have closed the financing for a renovation and operations PPP concession of a wastewater pipe in Toulon (France) on 26 March 2014.

The project cost is estimated at €40 million (US$55.2 million)Long term debt financing is arranged by Crédit Industriel et Commercial and Société Générale.

DIF Infrastructure III holds a 85% stake in the project, with SADE CGTH, a subsidiary of Veolia, holding the remaining 15%. Refurbishment work will be performed by SADE CGTH while Compagnie des Eaux et de l'Ozone, a local Veolia subsidiary, will operate and maintain the project. Project completion is expected in January 2018.

The project, which is located in southern France, will serve seven municipalities of the Toulon urban area. The concession agreement is for a period of 20 years. The project involves the operation and maintenance of a 10.1 km long existing waste water collector (underground pipe) and the refurbishment of a 6.4 km section of this collector.

DIF Infrastructure III was launched in January 2012. The fund held a first close in May 2012 and realised a final closing March 2013. The committed capital is € 800 million, which substantially exceeded the target of € 600 million.

The fund targets both primary projects that generate an attractive return and secondary (operational) projects that provide immediate cash yield.  Key target markets are the UK, France, The Netherlands, Belgium, Germany, Scandinavia and Canada, while other countries in Western Europe and North America are targeted on a case by case basis.

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