First State Investments has acquired Coriance, the French company specializing in the exploitation of heating and cooling networks. Details of the agreement have not been disclosed.
First State Investments is an Australian company owned by the Commonwealth Bank of Australia, the largest financial institution in the country. FSI specializes in the investment and management of infrastructure.
Coriance was previously held by KKR, a global investment fund, and a co-investor. In France, the company operates 29 cogeneration plants which produce energy for use in heating networks, and sells electricity to EDF.
Yves Lederer, the CEO of Coriance, commented on the news, saying:
“We have really appreciated the period working with KKR as our investor – the relationship between shareholders and management was excellent. We have developed our business considerably and have grown renewable energy production as a percentage of our total energy production from 34% in 2012 to 60% in 2015. Our company is well placed to take advantage of increasing demand in public tender processes for heating solutions based on renewable energy. We look forward to taking the next step in our development together with First State, whose profile and objectives fit perfectly with those of Coriance as a business.”
On behalf of First State Investments, Marcus Ayre, partner and head of infrastructure investments with FSI, also commented on the deal, declaring:
“We are delighted that Coriance will become First State’s inaugural infrastructure investment in France. Coriance’s position as a leading operator of sustainable, reliable district heating network concessions with a strong positive environmental dimension is especially attractive to us as a long-term investor. We look forward to working closely with the Coriance management team and employees to further develop the company.”