The Grand Paris Express metro is driving the ecological transition
The Grand Paris Express will change the face of Greater Paris and the lives of all its residents. It is currently the largest development project in Europe. It will provide rapid links between suburban areas with four new metro lines around Paris. Close to 3 million passengers will have faster ways to get to their destinations, and it will bring people in the Paris metro area closer to jobs, learning, advanced healthcare facilities, and recreational activities. It will replace the personal vehicle on a large number of commutes.
Grand Paris Express is also an urban development project. It will give rise to a variety of new developments leading to greater diversity in terms of housing, retail spaces and services – thereby stemming urban sprawl and human encroachment into natural spaces. On the land it purchased to build the metro system, Société des grands projets has planned over 100 real estate development projects in neighbourhoods surrounding the stations. These projects will meet strict environmental criteria by prioritising construction methods with low-carbon impact, minimal designs for buildings, and long-term projects. Nature will play a prominent role in an effort to protect biodiversity in the cities.
A unique and sound financial model
Société des grands projet is a 100% state-owned public industrial and commercial establishment. It has its own resources for managing this large-scale transit and development project. Therefore, in addition to subsidies from the French government (in particular under the Investments for the Future programme) and the European Union, it obtains funding from tax revenue, borrows from public investors, and raises money on the financial markets. Backed by allocated tax revenue, this lending power ensures the Grand Paris Express will be completed in record time and secures project financing for the long term.
Once the network is up and running, the Société des grands projets will also generate its own revenue, for example from tolls.
The estimated cost of the Grand Paris Express is €36.1 billion (at 2012 economic conditions). This sum includes provisions for risks and contingencies. Société des grands projets has also allocated €3.5 billion to cover extensions and modernise the Paris region transport system. All the funding for the Grand Paris Express plus financial contributions to other projects is pooled in its financial instrument.
79% of debt ceiling already raised
Green financing
We are the first bond issuer to adopt a 100% green EMTN programme. These green bonds are solely allocated to build the Grand Paris Express. The bond issue complies with the 2018 Green Bond Principles (GBPs) and was certified by the Climate Bonds Initiative (CBI). The verifier was Sustainalytics.
We are also a member of the Finance for Tomorrow initiative and the Corporate Forum on Sustainable Finance. As such, we aim to be a driver in defining high standards for green financing and lead the conversation on the subject in the market.
A triumph evidenced by investor confidence
Our financial publications
Long-term EMTN programme
1) EMTN Base Prospectus and Suplements
2024
2023
2022
2021
2020
2019
2018
2) Final terms
2024
2023
2022
2021
- Final terms S17 (24 November 2021)
- Final terms S16 (24 November 2021)
- Final terms S15 (31 August 2021)
- Final terms S14 (6 May 2021)
2020
- Final terms S13 (27 October 2020)
- Final terms S12 (13 October 2020)
- Final terms S11 (13 October 2020)
- Final terms S9 TR2 (25 June 2020)
- Final terms S8 TR2 (5 May 2020)
- Final terms S10 Tranche 1 (6 April 2020)
- Final terms S9 TR1 (13 February 2020)
2019
- Final terms version S8 TR1 (29 May 2019)
- Final terms version S7 TR1 (12 April 2019)
- Final terms version S6 TR1 (12 April 2019)
- Final terms version S5 TR1 (18 March 2019)
- Final terms version S4 TR1 (15 March 2019)
- Final terms version S3 TR1 (11 February 2019)
2018
Neu CP Programme
- Issuer name : Société des grands projets
- Type of programme : Neu CP
- Programme ceiling : €3 billion
- Guarantor : NA
- Programme rating : Prime-1 Moody’s
- Paying agent : UPTEVIA
- Brokers : BNPP, CACIB, Natixis & SG
- Purpose of programme : To meet the issuer’s funding requirements
- Issuing currency : € and any other authorised currency
Green Bonds Programme
- Green Bond Framework for Société du Grand Paris's EMTN Programme version 2024
- Second Opinion 2024
- Confirmation letter for Climate Bond certification
- Climate Bond Certificate
- CarbOptimum methodology - Executive Summary (UK content)
- CarbOptimum methodology - Full Version (French content)
2022 Green Bond Report :
2021 Green Bond Report :
2020 Green Bond Report :
- 2020 Green Bond Report
- 2020 Insurance Report (French content)
- Ecological equivalence assessment method
- Climate Bond Certificate - Post-issuance
2019 Green Bond Report :
- 2019 Green Bond Report
- 2019 Insurance Report (French content)
- Climate Bond Certificate - Post-issuance
2018 Green Bond Report :
Financial rating
Moody's Aa2/Prime-1
“The Aa2/Prime-1 issuer rating considers whether Société du Grand Paris has close links with its owner, the government of France, a public-policy mandate based on a clear framework and financing deemed sufficient to cover it future investment requirements.” April 2020
- Moody's Report, March 2022
- Moody's Report, April 2020
- Moody's Report, July 2018 (PDF)
- Moody's Report, January 2018 (PDF)
Fitch AA
“Fitch Ratings classifies Société du Grand Paris (SGP) as a
government-related entity (GRE) of the state of France (AA/Stable) and equalises its ratings with those of the sovereign. Fitch Ratings attributed Société du Grand Paris (SGP) an AA long-term local currency issuer default rating (IDR) with a stable outlook. Fitch also gave SGP a short-term F1+ IDR. Moreover, Fitch rated the SGP's €20 billion EMTN programme AA/F1+ and gave its short-term €3 billion programme (Neu CP) an F1+ rating. April 2020
Extra-financial rating
MSCI A
Extra-financial rating report
Ordered in October 2022
EthiFinance 74/100
Extra-financial rating report
Ordered in December 2020
2023
- 2023 Financial Report (French content)
Financing
- Société des grands projets successfully launched its first Green Benchmark issuance in 2024
- Société du Grand Paris successfully priced a new 30-year Green benchmark transaction
- Société du Grand Paris successfully issues its first green bond in 2023
- Société du Grand Paris successfully launches its 2022 financing programme and reopens the European SSA market (Sovereigns and Agencies) - 1st April 2022
- Société du Grand Paris raises an additional €3 billion to secure 70% of Grand Paris Express funding - 16 November 2021
- Société du Grand Paris continues to secure the Grand Paris Express with financial backing - 29 April 2021
- Société du Grand Paris achieves a record for the longest ever green bond issuance - 11 February 2020
- Société du Grand Paris's third standard 30-year green bond for €1 billion - 24 May 2019
- Société du Grand Paris's second standard 15-year green bond for €2 billion - 13 March 2019
CSR
(French content)
Governance
(French content)
- Supervisory Board meeting 12 May 2022
- Supervisory Board meeting 7 October 2021
- Société du Grand Paris updates the commissioning calendar for the Grand Paris Express and reveals its strategic directions
- Société du Grand Paris’s Supervisory Board approves the appointment of Jean-François Monteils to chair the Management Board