The Project will be implemented by the special purpose company (“Project Company”), SOF Connect, which was created and is owned by a consortium comprised of Meridiam Group (99%) and STRABAG SE (1%).

Meridiam Group includes Meridiam Eastern Europe Investments SAS (98.98%), Meridiam Infrastructure Europe III SLP (0.01%) and Meridiam Investments SAS (0.01%). Meridiam is investing in the Project through its Meridiam Infrastructure Europe III Fund which is managed by Meridiam SAS, a global investor and asset manager in infrastructure projects with more than USD 8 billion of assets under management in seven funds that invest in the key sectors mobility energy transition and environment and social infrastructure.

STRABAG SE is a European company with origins in Austria and Germany and is active in all areas of the construction industry and covering the entire construction value chain.  Its projects are mostly located in Austria, Germany and the Central Eastern European region but also across other countries in Europe and on other continents. Strabag has been historically involved in the building of the existing Terminal 2.

Munich Airport (Flughafen München GmbH), the operator of the airport in Munich, Germany, is expected to be the third party operator of the Project for at least the first 12 years of the concession term. With 48 million passengers in 2019 Munich Airport is the 2nd largest airport in Germany and an important international air traffic hub. Munich Airport has a successful history of more than 65 years in operating their assets and through its subsidiary Munich Airport International is also providing airport management, consulting and training services globally.

The Project is estimated to cost approximately EUR 530 million. The total debt financing package is around EUR 265 million. IFC is considering providing an A loan in the amount of up to EUR 67 million. The remaining debt will be provided by a combination of commercial banks and/or other development financing institutions.

The Project site is located 10 km east of the center of the capital, Sofia. The concession site covers a total area of over 5 million sq.m., encompassing among others two terminals and one runway.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability, as the project will have potential limited adverse environmental or social risks and/or impacts. There are no planned expansion of the footprint and no land acquisition impacts due to the project. Risks and impacts associated with airport operations and with any construction activities as per Concession Agreement (CA) can be addressed through the implementation of good international industry practices.

Key E&S issues reviewed at appraisal included health and safety of surrounding communities, including noise impacts from ground and aircraft operations, and airport operation safety; emergency response; life and fire safety at existing and new terminals; risk of legacy contamination with hazardous materials (jet fuel, PCBs, PFAS etc.); and labor and working conditions.