CNP Assurances has entered a joint venture with Meridiam to invest as much as 鈧�500m in green infrastructure projects.
The French insurance group said the partnership had launched the Meridiam Transition fund.
The fund, aimed at institutional investors, will invest in greenfield assets, with a focus on France.
Fr茅d茅ric Lavenir, chief executive at CNP Assurances, said: 鈥淎s an institutional investor, it is both our responsibility and in our interest as a long-term player to contribute to developing new financing models to respond to the challenges of energy transition and climate change.鈥�
Meridiam Transition will target projects in energy efficiency, local energy services, power and gas grids and innovative renewable energies for the fund, which has a 20-year investment horizon.
Meridiam chief executive Thierry D茅au, who founded the company in 2005, added: 鈥淭he energy transition, and the associated challenge of climate change, is also a fantastic chance to offer long-term investment opportunities to institutional investors and to create a virtuous circle between savings and local projects.鈥�
Meridiam, according to its website, has rail and road projects in its French portfolio.
The company manages three funds 鈥� Meridiam I, Meridiam Europe II and Meridiam North America II 鈥� as well as separately managed accounts.
