Edmond de Rothschild Asset Management (EDRAM) was the judge favourite for Debt Fund Manager of the Year given the complex set of transactions completed during the judging period.  

One judge said: “BRIDGE has invested in an impressive range of transactions, employing innovative solutions across the capital stack.” 

While another member of the panel said: “Complex set of transactions and thoughtful use of covenants and holdco structures to achieve commercial outcomes.” 

EDRAM in 2015 launched its infrastructure debt platform, known as BRIDGE. Since then BRIDGE has grown to more than €6 billion ($6.5bn), with over 140 investments split across our Senior and Yield Plus strategies.  

Over 2023, BRIDGE has deployed €1.17 billion across 27 investments, with 19 deals in the Senior strategy and 8 deals in the Yield Plus strategy. These deals span across 5 sectors – social, energy, utilities, transport and telecoms – and 9 countries. Out of these deals, 56% were refinancings, showing BRIDGE’s commitment to supporting brownfield investments as well as greenfield. 

In the past year fundraising has been a challenge for all infrastructure equity and debt funds. The current environment and financial climate has made it difficult for fund managers to obtain large amounts of funding’s. Amidst this struggle, judges said, BRIDGE has presented itself as one of the few to continuously and successfully fundraise, with success in deals in 2024.  

BRIDGE provided financing for Project Photon involving IELO, a B2B fibre infrastructure provider in France.  The project involved the refinancing of €208 million of existing debt facilities, used to widen the lender base and help the company grow. 

Judges were also impressed with BRIDGE’s participation in Project Celsius, which was the financing of French renewables investment company Kyotherm through a green bond. BRIDGE participated with €24.7 million.  This is the second transaction supported by BRIDGE for Kyotherm with an initial Green Bond in 2020. The portfolio consists of 45 projects located in 125 sites. The bond will fund construction or acquisition of future projects. 

The submission said: “In this Project, BRIDGE is the sole lender on the transaction, having a significant influence during the transaction with deep expertise in Energy efficiency. The transaction is a HoldCo financing, which includes robust covenants, including financial expenses ratio at HoldCo level.” 

The final transaction is Project Ares 3. In 2021, the EDRAM structured ARES 1, a green bond financing of Francaise de l’Energie (FDE) for a €25 million, and later followed on with ARES 2 in 2022 for an additional €20 million. In 2023, BRIDGE has now provided an additional €60 million under ARES 3. 

The submission said: “All financing provided through Green Bonds Holdco Financing of FDE. FDE is a French energy producer whose main activity remains the capture of methane emissions (CH4) from abandoned coal mines in France and Belgium to convert or monetise this gas into electricity, gas and heat sales under long-term regulated tariffs or private contracts with local stakeholders such as industrials or Municipalities. 

“This project and financing are complex along with the innovative nature of the sector. BRIDGE has tackled the challenge of the transaction by balancing the financing for the company reasonably, adjusting their covenants to fit both BRIDGE needs and the company’s. BRIDGE also maintains an expansive expertise of the sector and the complex technologies used within this company.”