The consortium formed by Vauban Infrastructure Partners through its dedicated entity Venus Luxco (“Vauban”), with a 50.1% stake, and Caisse des Dépôts (“CDC"), with a 49.9% stake, has announced the completion of its 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 (RE&R) to support local authorities and industrial players in their energy transition.

With a portfolio of approximately 40 networks in France, Coriance is the 3rd largest player in the French market. With a thermal production capacity of over 1.8 GW, the company supplies heat to the equivalent of around 250,000 homes in France.

Heating and cooling networks are set for strong growth in the coming years. They are in line with French and European public policy objectives, represent a powerful lever for local initiatives since they support the decarbonization of heat and aim to achieve carbon neutrality by 2050, and supply locally produced energy at stable and attractive end-user pricing.

This acquisition project is fully in line with the strategy of Vauban Infrastructure Partners and CDC to invest with a long-term horizon in a strategic sector that is a priority for the energy transition and consequently, for 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 in the market in terms of renewable use and recovered energies, which represented almost 70% of its energy mix in 2022;
  • Backed by a seasoned & 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 of its markets and support its ambitious investment program in response to the expectations of the industry & local authorities.
Eric Lombard, Chief Executive Officer of CDC, said: "Our acquisition of a stake in Coriance, a major player in heating and cooling networks in France, enables Caisse des Dépôts to support the French government’s ambition to achieve carbon neutrality, and to fully meet our strategic objectives: accelerating ecological transformation, supporting national energy sovereignty, and strengthening social & territorial cohesion.”

Gwenola Chambon et Mounir Corm, founding partners of Vauban Infrastructure Partners, commented: “Vauban Infrastructure Partners has always been a major contributor to the transformations of our home infrastructure market, like Campus plan, France Très Haut Débit plan, local mobility and parking, and recycling. Coriance is the capstone of our decade-long track record of investing in district heating across Europe and the United States. Alongside CDC, our goal is to affirm Coriance’s role as a national champion. To do so, we are fully committed to equipping the company with the resources needed to address its market growth and help transition the urban heating sector away from carbon-heavy technologies.”

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.
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

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