Macquarie provides 20-year loan backing Tignes and Sainte-Foy ski

Macquarie Asset Management has agreed a long-duration financing package to support a local authority vehicle that will operate two major French ski areas under extended concession arrangements. The deal provides a stable capital structure designed to underwrite lift operations, slope maintenance and wider development plans for both destinations.

The borrower, a municipal-owned special purpose company named ALTTA, will hold the newly awarded 30-year concession covering the Tignes and Sainte‑Foy‑Tarentaise domains. To match the concession horizon, Macquarie is putting in place a 20-year debt facility intended to smooth capital expenditure cycles and enable investments that broaden the resorts’ year‑round economic footprint.

Alexis Chiesa, Senior Vice President at Macquarie Asset Management, framed the transaction as alignment between financing tenor and operating mandate: he said the structure gives ALTTA a runway to modernise lift infrastructure, manage mountain ecosystems and develop diversification projects that reduce seasonal income volatility. The lender’s approach prioritises long-term asset stewardship alongside predictable repayments.

Clément Colin, Chairman of ALTTA’s board, described the arrangement as a tool to implement local strategic plans. He said the financing will help the two communities adapt to changing demand patterns, including expanding non‑winter activities and investing in resilience measures linked to environmental pressures on high‑altitude assets.

From a market perspective, the operation illustrates a growing trend in Alpine finance: public or public‑backed concessionaires are increasingly using longer-maturity debt to match infrastructure lifecycles. Analysts note this reduces refinancing risk for capital‑intensive lift systems and can unlock funds for diversification — a priority as destinations seek to boost summer visitation and offer more varied leisure products.

Macquarie Asset Management brings a track record of lending to social and municipal projects across Europe. Its Credit & Insurance arm has previously deployed lending to local authorities and housing providers, including more than €2 billion of debt into European social housing and public-sector counterparts, underscoring its experience in long-term community finance.

Looking ahead, the financing signals an appetite among institutional lenders to back concession-style, public‑sector aligned platforms that deliver predictable cashflows and social value. For ALTTA and the Tignes and Sainte‑Foy communities, the agreement provides a financing platform to pursue modernization, resilience and diversification over the coming decades.