KKR exits French energy firm to Australia's First State
KKR has sold its stake in French district heating provider Coriance to First State Investments, the asset management division of the Commonwealth Bank of Australia.
Financial terms of the deal were not disclosed; it is subject to regulatory approval. Coriance is currently held by KKR through its first global infrastructure fund, which paid an undisclosed amount for the company in 2012. First State will buy KKR's stake, along with that of an unnamed co-investor, through its own infrastructure fund.
Coriance provides heat to residential, social and commercial buildings through 29 heating and cooling networks throughout France. It also sells co-generated electricity to France's state-owned utility and provides energy services in the heating sector. The company currently operates 820 thermal megawatts of thermal capacity and 120 megawatts of electrical capacity.
First State manages about EUR130 billion ($147 billion) in assets worldwide, including about EUR4.8 billion in infrastructure investments in Australasia and Europe. Coriance is its first 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," said Marcus Ayre, a partner in charge of infrastructure investments at First State. "We look forward to working closely with the Coriance management team and employees to further develop the company."
More on Europe
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.