EBRD Acquires Equity Stake in Sofia Airport Operator

The European Bank for Reconstruction and Development (EBRD) is supporting the development of Sofia airport with an indirect equity investment in SOF Connect, the company operating and managing the airport through a concession agreement with the Bulgarian government. The EBRD’s total investment of €74.3 million will include a €58 million equity investment and a further €16.3 million contingent equity exposure.

The equity investment follows a €50 million loan to SOF Connect earlier this year to support the airport’s transformation.

SOF Connect is a joint venture between Meridiam, an asset manager specialising in public-private-partnership projects, Munich airport and Austrian construction company Strabag, which started operating in April 2021. Among other things, it has committed to a significant airport investment plan, which includes building a new, third Terminal over the next 10 years and making environmental, health and safety upgrades.

Sofia airport is Bulgaria’s main international airport and a focal point for economic development. The arrival of a leading private-sector operator is expected to increase the airport’s competitiveness and significantly improve service standards, boosting long-term growth and development in the country’s capital city and beyond.

Meridiam, the majority owner of SOF Connect, aims to make the airport a model of sustainability. As part of the concession agreement, the operator has committed to improving corporate climate governance and to applying the recommendations of the Task Force on Climate-related Financial Disclosures. The airport will target climate neutrality by 2036.

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