Financing the sustainable modernisation of Beauvais airport in France

Tackling overcrowding and growing traffic 

Serving over 80 destinations, the low-cost carrier airport of Beauvais is a key air transportation hub for the Paris area, actively complementing its two main airports, Orly and Roissy Charles de Gaulle. Intensifying flows of passengers and goods have led to saturation, leaving the Beauvais airport to reconsider its infrastructure. Consequently, the airport syndicate (SMABT - Syndicat Mixte de l'Aéroport Beauvais Tillé) which owns it, launched a call for tenders which was awarded to the Bellova consortium - including Bouygues Construction, EGIS and Serena Industrial Partners.
The capex plan aims at bringing the airport capacity from c. 5.6 million passengers in 2023 to 7.5-8 million passengers. This large-scale renovation project will create 1,000 m2 of commercial space within the airport as well as 2,000 parking spaces. The terminals will also undergo changes to optimize traffic flow.  This is a challenging transformation going beyond simply meeting growing demand but also addressing ESG aspects, a major concern in the air transport sector, which are at the heart of the project.

An ESG-underpinned approach

The refurbishment will be designed to avoid building a new terminal. By reusing the existing terminals (which will be linked by a connecting building to centralise passenger flows) and aprons, greenhouse gas emissions will be reduced by 30% compared to the average footprint of a new building. Regarding the expansion, 120,000 m2 of photovoltaic panels will be installed on the parking lots, thus meeting intensifying energy demand with strong ecological expectations. Additionally, the works are designed to reduce noise pollution.
Social aspects are also included with strong commitments to forge local partnerships: some 15 exclusivity agreements and 35,000 hours of work experience set aside for people who have been excluded from the job market. In the operating phase, quotas for work-study contracts will help young people enter the workforce. Finally, when the expansion is complete, the new commercial zone will create 1,200 direct jobs and over 3,000 jobs in total.
Once the modernisation is completed, the airport has set itself the target of achieving a “BREEAM  (Building Research Establishment Environmental Assessment Method) Excellent” certification. This international label assesses and validates the sustainability and environmental performance of buildings and infrastructure projects. Bellova itself aims to achieve ACA (Airport Carbon Accreditation) level 3+ (carbon neutrality for direct emissions by offsetting) by 2028 and ACA level 4+ (compensation for residual emissions with reliable offsets) by 2032.

A tailor-made financing and advisory solution leveraging on sectorial expertise

Societe Generale acted as Structuring Bank and Mandated Lead Arranger, playing a major role in the structuring of this 180m EUR financial transaction.
The bank has mobilized its expertise to provide a financial structuring that tailor-made for the mobility sector while also precisely identifying the needs of Bellova and the industry. This project reinforces Societe Generale's position as a quality and trusted partner to actors in the transportation sector.