CDC infrastructure partners the development of Calais and Boulogne-sur-Mer seaports

On 25 February, Nord-Pas de Calais Region and Société d'Exploitation des Ports du Détroit signed the new concession contract for Calais and Boulogne-sur-Mer seaports. CDC infrastructure is the 40% shareholder of Société de Projet (the project company) and the 11% shareholder of Société d’Exploitation (the operating company).

Transport
25February2015

The new 50-year concession turns the ports of Boulogne-sur-Mer and Calais into a single structure, with a development strategy providing for balanced expansion for both sites. For Boulogne-sur-Mer, the concession will help strengthen its position as a leading fishing and fish products port, thanks to new investment in upgrading fishing and fishery infrastructure. For Calais, the new concession will underpin the Calais Port 2015 project, designed to strengthen the site's European integration and reinforce its position as the leading port for cross-Channel transport of passengers and freight.

Work on Calais Port 2015 will be carried out under a design-build contract by project company Société de Projet des Ports du Détroit. The project owner is the operating consortium holding the concession, Société d’Exploitation des Ports du Détroit. The consortium is made up of the Côte d’Opale Chamber of Commerce and Industry (CCI), the Northern France Region CCI, CDC Infrastructure and Meridiam. This innovative structure will serve to keep operating risks strictly separate from construction and maintenance risks.

CDC Infrastructure is a shareholder in both entities (11% in Société d’Exploitation, 40% in Société de Projet) alongside the CCI Côte d’Opale, the CCI Région Nord de France and Meridiam, for a total equity and quasi-equity investment of over €46mn for its shareholding.

The complete financial structure should be in place by July 2015 and includes participation by the Allianz Global Investors Group and third party investors who will subscribe to a €525mn bond issue in addition to the contribution of over €117mn from equity investors, grants of €270mn and support from the European Investment Bank in the form of Project Bond Credit Enhancement (PBCE).

"Through its subsidiary CDC Infrastructure, the Caisse des Dépôts Group is actively involved in developing the infrastructure of Calais and Boulogne-sur-Mer ports, within a sustainable framework designed to support the local economy and protect the environment," said Patrick Vandevoorde, CEO of CDC Infrastructure.

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