Serena Industrial Partners and RiverRock have jointly acquired a portfolio of four operational French PPP educational projects from Demeter, focusing on energy efficiency and sustainability.

Information on the Target

Serena Industrial Partners and RiverRock have successfully acquired a portfolio of four operational Public-Private Partnership (PPP) projects located in France's education sector from Demeter 4 Infra. This acquisition involves majority equity stakes in three special purpose companies: Eifficol 1, Eifficol 3, Eiffly 54, and Eiffigreen, which focus on the design, construction, financing, operation, and maintenance of educational facilities in various French regions. These projects not only comply with stringent energy efficiency criteria but also feature Eiffage as the industrial partner, known for its expertise in managing large-scale public infrastructure.

Notably, these educational projects include the development and maintenance of eight middle schools and a high school that together serve thousands of students. The emphasis on energy efficiency is aligned with both the French government’s objectives and the European Union’s Energy Performance of Buildings Directive. Each project is operational with robust residual life and a revenue model based on availability payments from public grantors, supplemented by inflation-indexed revenues.

Industry Overview in France

The French public infrastructure sector has experienced significant growth, particularly within the education sector, driven by ongoing investment in social infrastructure. The government of France emphasizes the need for modern educational facilities tha