Government-backed FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

STOA

Subsidiary owned 67% by the Caisse des Dépôts and 33% by the Agence Française de Développement (AFD) Caisse des Dépôts

Also known as STOA Infra & Energy, STOA S.A., STOA Infra & Énergie

Paris impact investor created in 2017 by the Caisse des Dépôts (67%) and AFD (33%); takes equity and quasi-equity in infrastructure and energy projects in Africa, Latin America and Asia.

Not to be confused with STOA Bretagne, a construction and interior-fitting company in Brittany (stoa.fr).

HEADQUARTERS: Paris, France
FOUNDED: 2017
AUM: —
OUTSIDE CAPITAL: No — own capital only
TEAM LISTED: 6 people

FOCUS

STAGES: Growth
SECTORS: Climate & Energy Mobility & Logistics
ASSET MIX: Direct investmentsImpact
GEOGRAPHY: AfricaLatin AmericaAsia-Pacific

WHAT IT IS

Government-backed Fund. Public money — a state or EU-backed vehicle investing on behalf of taxpayers, often with policy goals.

ABOUT

STOA S.A. is a French investment company founded in 2017 by the Caisse des Dépôts and the Agence Française de Développement after the 2015 Paris Agreement. It invests equity and quasi-equity in infrastructure in emerging and developing countries: renewable power, distributed solar, hydropower, transport and logistics, telecommunications, health and environment. It reports €633M committed across 21 transactions in more than 10 countries (November 2025). In 2023 its shareholders decided a second phase raising its resources from €600M to €900M.

PORTFOLIO (23)

Nachtigal Hydro Power CompanyNOTABLE
Climate & Energy
Atlas Tower Kenya
since 2025
Mass Céréales al Maghreb
Mobility & Logistics
Husk Power Systems
Climate & Energy · since 2023
NetZero
Climate & Energy · since 2024
Buildings & Logistic Services
Mobility & Logistics · since 2023
JCM Power
Climate & Energy
Candi Solar
Climate & Energy
Serengeti Energy
Climate & Energy
Red Rocket
Climate & Energy
Ventos Serra do Mel III
Climate & Energy
Solar Serra do Mel
Climate & Energy
Poseidón Energía Renovable
Climate & Energy
Equator Energy
Climate & Energy
Yoko Asset Management 2
Climate & Energy
Make It Happen in Africa
Climate & Energy
New Owendo International Port
Mobility & Logistics
LinhaUni
Mobility & Logistics
Octotel & RSAWeb
MetroFibre
Oncorad
Daystar Power
Climate & Energy · since 2021 · Exited
Etix Everywhere
since 2019 · Exited

TEAM

Marie-Laure Mazaud
CEO · source
Pierre Tardiveau
Deputy CEO · source
Mohamed Ben Osmane
Head of Investments · source
André Mounif
Head of Sub-Saharan Africa · source
Mathieu Lebègue
Head of Latin America & Caribbean · source
Laurent Zylberberg
Chairman of the Board (Caisse des Dépôts) · source

FAQ

STOA is a government-backed fund based in Paris, France, founded in 2017.

Yes. STOA invests directly in private companies.

STOA invests at Growth stage in Climate & Energy and Mobility & Logistics.

Key people at STOA include Marie-Laure Mazaud (CEO), Pierre Tardiveau (Deputy CEO), Mohamed Ben Osmane (Head of Investments) and André Mounif (Head of Sub-Saharan Africa).

STOA's investments include Nachtigal Hydro Power Company, Atlas Tower Kenya, Mass Céréales al Maghreb, Husk Power Systems, NetZero, Buildings & Logistic Services, JCM Power and Candi Solar, among others.

The most recent publicly reported investment by STOA is Atlas Tower Kenya ($27M strategic equity investment), announced in Oct 2025.

No. STOA invests its own capital and does not raise money from outside investors.