The financial terms of the deal were not given.
Coriance was acquired by global infrastructure investment firm KKR in 2012 with the aim of accelerating its switch to renewables-based district heating systems using fuels such as biomass, geothermal and municipal waste.
The company operates 29 cogeneration-based district heating plants in France, supplying heat to residential and commercial buildings and selling power to EDF, as well as providing energy services in the heating sector.
Yves Lederer, Coriance’s CEO, said: ‘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.’
Marcus Ayre, a partner in Infrastructure Investments at First State Investments, said: ‘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.’