Progress Builder

With a proven investment track record as specialists in infrastructure and energy projects, we are committed to  a shared vision of progress and have an entrepreneurial mindset. We work on the development of projects that are key to people’s wellbeing and the sustainable growth of their country.

Who are we?

Founded in 2017, STOA is an investment vehicle held bythe Caisse des dépôts et consignations and Agence Française de Développement (French Development Agency), intended to finance new and existing infrastructure in developing countries. 

Our Key Sectors


Generation, storage, transmission and distribution in renewable energy, electricity and gas sectors.


Water and waste treatment, sanitation, incineration, heating networks…


Network, fibre, undersea cables, satellites, data centres.


Highways, roads, bridges, tunnels, ports, airports, urban transit, railways, logistics.


Public buildings, hospitals, clinics, universities, student residencies


  • Power Cameroon

    Investment in an hydroelectric dam project

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  • Power India

    Investment in a wind power platform

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Our news


Fidal's 'Grand Rendez-vous' event Paris : The Sustainable City in Africa

Marie-Laure Mazaud, STOA's Deputy CEO, was one of the keynote speakers at Fidal's 'Grand Rendez-vous' event held on February 6 on 'The Sustainable City in Africa'.

The discussions focused on the two great axes of cities' sustainability, namely infrastructure and mobility.

Key takeaways from Marie-Laure's intervention on STOA's view of African infrastructure investment success:

-No one-size-fits-all: each project should be carefully analysed to take into account the particularities of its contractual framework and the site location, notably regarding environmental and social aspects;

-Efficient risk sharing between public and private sponsors: which is often facilitated by sufficient local purchasing power and state accounts equilibrium;

-Overcoming project hurdles hand-in-hand with the public sector: enhancing financial liquidity in the market, promoting the use of PPPs and enhancing the quality of sectors' strategic planning.

Thanks to the other speakers for their fruitful contribution: Hugues de La Forge, Hacina Py, Yann Alix, Laurent Thorrance, Valerie-noelle Kodjo diop, Christophe Maquet, François Jay, Thierry Barbotte, Karim Selouane, Severine Lauratet, Cecile Fontaine, Paulin Danho , Marc Teyssier d'Orfeuil and Julie Claude.


the Africa 2020 Forum Paris

STOA’s CEO, Charles-Henri Malecot took part in the Africa 2020 Forum organised by MOCI (the French Monitor for International Commerce) and CIAN (French Council of Investors in Africa) on February 7, 2020. The roundtable on the African financial environment was an opportunity for Charles-Henri Malecot to highlight that the main risk faced by STOA -as a long term emerging-market investor in energy and infrastructure projects with a specific focus on Africa- was the currency risk. The ECOWAS plan for a single currency would be a good opportunity to mitigate this risk in the medium term, but could raise uncertainties for investors in the short term during its implementation

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