The project company Ravinala Airports, operator of Ivato (Antananarivo) and Nosy Be airports in Madagascar, has reached the financial close of the project in late June 2017.
The financing is provided by the project sponsors Aéroports de Paris Management, Bouygues Bâtiment International, Colas and Meridiam Africa, alongside a pool of lenders comprising the International Finance Corporation (IFC), Proparco, Emerging Africa Infrastructure Fund (EAIF), Development Bank of Southern Africa (DBSA) and Opec Fund for International Development (OFID). CACIB acts as agent for the lenders.
This major step for the concession follows on from the concession agreement signed by the government of the Republic of Madagascar and the company Ravinala Airports on 9 July 2015, for the development, financing, cleaning, maintenance, and operation of the Ivato (Antananarivo) and Nosy Be airports.
This project primarily aims to renovate both airports and create a new terminal at the Antananarivo airport, with a capacity of 1.5 million passengers. It is part of the government’s objective to foster the economic growth of the country, in particular by developing tourism.
Project investment is valued at an estimated 250 million euros.
Gide advised the sponsor consortium, then Ravinala Airports project company with a team comprising partners Marie Bouvet-Guiramand, Stéphane Vernay, Laetitia Lemercier, Axelle Toulemonde, Benoît Le Bret, Thomas Courtel and Karine Imbrosciano, counsels Nicolas Jean, Ségolène Pelsy and Fleur Jourdan, and associates Frédéric Pia, Tatiana Golubko, Anne Framezelle, Claire Labouré, Claire-Marine Costa-De Jonckheere and Othman Belouiz. KPMG (Gaëtane Tracz and Elias Halimi) acted as financial advisor to the Sponsors.
Allen & Overy advised the lenders.
Fideis Legal Consultant advised the Republic of Madagascar, with Axelcium, as financial advisor and Transaction Advisor.
In Madagascar, Lexel law firm advised the sponsors and Ravinala Airports.
MLO advised the lenders.