The consortium formed by Vauban Infrastructure Partners (Vauban) – an affiliate of Natixis Investment Managers – (50.1%) and Caisse des Dépôts (CDC) (49.9%) has entered into exclusive negotiations with Igneo Infrastructure Partners for the acquisition of the entire share capital of Coriance.

Founded in 1998, Coriance builds, develops and operates urban heating and cooling networks supplied locally and predominantly by renewable energies (such as geothermal and biomass) and recovered energy to support local authorities and industries in their energy transition. With a portfolio of over 40 networks in France, Coriance is the 3rd largest player on the French market. With a thermal production capacity of over 1.8 GW, the company supplies heat to the equivalent of around 225,000 homes in France.

Heating and cooling networks are set for strong growth in the coming years, in line with French and European public policy objectives, and represent a powerful lever for local initiatives, with a view to achieving carbon neutrality by 2050, as well as supplying locally-produced energy at a stable and attractive price for users.

This acquisition project is fully in line with the strategy of Vauban and CDC to invest on a long-term basis in a priority sector for the energy transition and local authorities:
  • Coriance is a recognized partner of local authorities in their initiatives to decarbonize the energy consumption of buildings, with a high level of performance in terms of reliability and safety in the in the way installations are operated;
  • Coriance is the most advanced player on the market in terms of renewable use and recovered energies, which represent for almost 70% of its energy mix in 2022;
  • Backed by a dynamic management team and employees with recognized skills, Coriance is an ideal platform for taking part in the strong growth expected in its sector.
By providing Coriance with long-term shareholder stability and a strong local presence, Vauban and CDC will accelerate the group's development in all its markets, and support its ambitious investment program in response to the expectations of local authorities and industry.

Gwenola Chambon and Mounir Corm, founding partners of Vauban Infrastructure Partners, commented:
"Vauban Infrastructure Partners has always contributed to the major transformations of our territories and their economies (campus plan, France Très Haut Débit plan, local mobility and parking, recycling). 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 USA. 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 decarbonize urban heating solutions."

This transaction is subject to the usual regulatory consultations and authorizations, and in particular the completion of procedures for informing and consulting employee representative bodies, as well as the granting of authorizations from the relevant competition authorities.

For Further Reading:
Vauban Infrastructure Partners
Affiliate of Natixis Investment Managers
Société en Commandite par Actions – Limited Partnership by shares
Share capital : €10 076 680.20
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP – 19000044
RCS Paris 833 488 778
Le Centorial
16-18 rue du Quatre-Septembre,
75002 Paris

Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès France
75013 Paris

This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.

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