A consortium comprising Vauban (50.1%) and French financial institution CDC (49.9%) has agreed exclusive talks with Igneo for the acquisition of the entire share capital of Coriance, the companies said.
According to sources, the proposed sale values Coriance at €1.5bn.
Coriance has been held by Igneo since 2016. Founded in 1998, it operates 38 district heating concessions in France and Belgium. With a thermal production capacity of over 1.8GW, the company supplies heat to the equivalent of around 225,000 homes in France.
Eric Lombard, CDC’s CEO, said: “For CDC, investing in Coriance, a major player in heating and cooling networks in France, is fully in line with its strategic priorities: accelerating ecological transformation, supporting national energy sovereignty and strengthening social and territorial cohesion.”
Gwenola Chambon et Mounir Corm, founding partners of Vauban Infrastructure Partners, said: “Investing in Coriance would be the French cornerstone of our commitment to heating networks, as we were already very involved in this sector on a European scale, as well as in the US.
“We intend to provide Coriance with the resources it needs to fully play its role as a key player in France’s ambitious plan to decarbonise urban heating solutions.”
To read the latest edition of the latest IPE Real Assets magazine click here.