Natixis participates in a PPP project for the development of three new prisons in France
Natixis is supporting a consortium comprising Spie batignolles, Gepsa (GDF Suez Energie Services), FIDEPPP (a fund managed by Mirova Environment and Infrastructure, subsidiary of Natixis Asset Management) and Barclays Infrastructure Fund, for the construction, financing, and operation of three prisons in France, through a €300 million Public-Private Partnership project.
The three prisons will be built by Spie batignolles in Valence (Drôme), Riom (Puy-de-Dôme) and Lutterbach (Haut-Rhin), with the construction of this last prison remaining conditional. Gepsa will provide maintenance and on-site services.
Natixis brought a €100 million contribution to the total €300 million financing, subscribed along with three other banks. Natixis is acting as Mandated Lead Arranger, Hedging Bank, Agent and Account Bank.
The financing structure put in place by Natixis is a major first in the French PPP market, as it will enable Natixis’ partner, Ageas – via its subsidiary AG Insurance – to participate through a 30-year fixed rate tranche. The transaction also confirms Natixis’ capacity to structure infrastructure debt products for institutional investors and to accompany its industrial clients in the development of their strategic projects.
The participation of AG Insurance is managed through a securitization vehicle (“Fonds Commun de Titrisation” or “FCT”), which was set up as part of the partnership signed between Natixis and Ageas in 2012. Natixis is acting as deposit holder, account bank and “servicer” of the FCT, which is managed by EuroTitrisation. The creation of such a vehicle, dedicated to multiple transactions in the project and infrastructure finance sector and established between a bank and an insurance company, is the first of its kind in Europe.
The project takes environmental issues into consideration, with a sustainable development approach applied to construction and operation activities, incorporating green energy solutions and the implementation of a high quality environment label (HQE). It will also integrate social aspects such as contributing to the reinsertion and employment opportunities for prisoners, prevention of reoffending, and the reliance on SMEs to support local industries and employment.
Carried out in accordance with Mirova’s* specialist investment principles, this new landmark operation represents the last investment of FIDEPPP, which has successfully invested in 15 infrastructure projects over six years, accounting for € 6 billion of construction works in total. Mirova will continue in future to invest in infrastructure through FIDEPPP 2.
*Mirova is the Responsible Investment division of Natixis Asset Management
Mirova, the Responsible Investment division of Natixis Asset Management, develops an engaged investment approach aiming to combine value creation with sustainable development. Mirova’s philosophy is based on the conviction that integrating sustainable development themes [in investment approaches] can generate solutions that create value for investors over the long term.
Mirova offers a global responsible investment approach based on a single offer revolving around 4 pillars: listed shares, infrastructure(1), impact investing(2), voting and engagement.
The second‐largest European manager of open‐ended SRI funds and social business funds(3), Mirova has €4bn in SRI equity, €7.7bn in advising on ESG(4)/SRI (excluding equities) and €20.4bn in voting and engagement in assets under management (as at 30 September 2012).
Mirova has 36 multi‐disciplinary experts, specialists in thematic investment management, engineers, financial and ESG analysts, specialists and experts in socially‐conscious finance and project financing.
Mirova has also formed a research partnership with the Cambridge University for the analysis of sustainable development issues and is actively involved in several international organisations.
Mirova’s offering is marketed by Natixis Global Asset Management’s global distribution platform and meets the requirements for all types of investors, both professional and non‐professional.
Natixis Asset Management ranks among the leading European asset managers with €286.5 billion in assets under management
and 679 employees*. Investment management at Natixis Asset Management revolves around six areas of expertise: Bonds,
European equities, Investment and client solutions, Global emerging, Structured products and volatility, developed by Seeyond, and
Responsible Investment, developed by Mirova.
*Source: Natixis Asset Management as at 30.06.2012
1 The infrastructure financing business is handled by Mirova Environment and Infrastructure, a fully‐owned subsidiary of Natixis Asset Management
2 Impact investing: investments with a strong social and environmental impact.
3 Source: Feri Lipper, based on assets under management as at 30 June 2012.
4 ESG: Environmental, Social/Societal, Governance.
References to classifications, awards and/or ratings are not an indicator of future performances by the funds/UCITS and/or fund manager.
Mirova Environment and Infrastructure, a fully‐owned subsidiary of Natixis Asset Management since 20 November 2012, is an investment fund management company specialising in project financing for renewable energy infrastructure in Europe and public‐ private partnerships for a wide variety of projects in France (universities, hospitals, urban transport, etc.). With its four funds, Fideme, Eurofideme 2, Fideppp and Fideppp 2, Mirova Environment and Infrastructure represents total outstandings of €368 million at 30 September 2012.
The funds managed by Mirova Environment and Infrastructure are not subject to authorisation by the French Securities Regulator (Autorité des Marchés Financiers) and may derogate from the investment rules described in the articles of association. Before any investment, it should be ascertained whether the investor is legally authorised to subscribe in a fund. Notably, subscription to the funds managed by Mirova Environment and Infrastructure is reserved strictly for well‐informed investors meeting the criteria defined in the funds articles of association.