Our impact

SEA - Tours-Bordeaux High Speed Rail, France

Background

The SEA (Sud Europe Atlantique) forms part (>300-km) of the 584-km Paris-Bordeaux high-speed line and runs in parallel with the existing congested inter-urban rail line linking Tours to Poitiers, Angoulême and Bordeaux)(1). The high-speed rail line provides a c. two-hour journey time for passengers between Paris and Bordeaux, making it faster door-to-door than air travel. Approximately 60 million passengers travelled on the SEA corridor between 2017 and 2023.

In 2011, Meridiam acquired SOJAS, which held at the time 22.01% of the shares in LISEA (the Project Company). Following the acquisition of an additional 2.34% (sold by Ardian) in October 2018, Meridiam (along with Meridiam managed co-investments) owns 24.35% of the shares in LISEA.

CDC and Ardian launched a joint process to sell 26.24% of LISEA’s capital. Meridiam was able to acquire 67% of the shares on sale, leveraging its preemption rights. The operation is expected to be closed in November 2024.

Stage:

In Operation

ESG/SDG Key Facts

The €905 million bonds issued were granted the Green Bonds label by Vigeo Eiris (global leader in ESG research).

LISEA launched three foundations that have subsidised more than 315 projects (i) LISEA “Biodiversity” foundation to support projects for the preservation and restoration of natural resources (ii) LISEA “Carbon” foundation to support the financing of projects that reduce greenhouse gas emissions; and (iii) LISEA “Sillon Solidaire” foundation to fight social exclusion and foster the professional insertion of people in difficulties.

In 2020, LISEA merged its Biodiversity and Carbon foundation into one single entity, the “Fonds SEA pour la transition des territoires” (SEA Fund for the Regional Transition). The Fund provides financial support (c. €500k/year) to ecological transition projects. The first initiative in 2021 received 28 applications of projects aiming to promote local and sustainable agriculture, leading to seven partnerships with the foundation. In Q4 2022, a new call for projects on sustainable buildings and circular economy was launched, and 10 projects were selected. In May 2023 the Funds launched a new call for projects supporting local and sustainable agriculture, with 800k€ subsidies to be awarded in November 2023.

SDG 7 (Affordable and Clean Energy)

The Project has management certifications related to energy use and consumption (ISO 14001, 9001).

SDG 8 (Decent Work and Economic Growth)

The Project created an “important stimulation” in the regional economy and the rail sector, with local neighborhoods redeveloped with multimodality and investment for innovation in urban public transport.

SDG 12 (Responsible Consumption and Production)

The Project uses monitoring tools to improve the subcontractors’ waste recycling and prevention of hazardous spillage. The Project Company uses mechanical solutions for the management of vegetation instead of using harmful pesticides.

SDG 15 (Biodiversity)

Compensatory measures have been implemented on 3,800 ha of land across 330 sites, through conventions with local agencies, landowners and farmers. Inspections are carried out to make sure that the requirements are met, while ecological monitoring allows to check the effectiveness in the long term.

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