French private equity firm Antin Infrastructure Partners has agreed to sell a majority stake in Vicinity Energy, a US-based district energy provider, to Harrison Street Asset Management.
The deal, conducted through Antin’s Flagship Fund IV, gives Vicinity Energy a total enterprise value of $2.9bn.
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The transaction is subject to customary regulatory approvals and is expected to close during the first half of 2027.
Harrison Street intends to carry out the acquisition through a joint venture with Kenon Holdings.
Vicinity Energy, headquartered in Boston, Massachusetts, supplies district heating and cooling services to more than 1,000 buildings across 12 major US cities under long-term contracts.
Its clients include organisations in education, government, healthcare, data centres and commercial property.
Formed in 2019 after Antin acquired and carved out Veolia’s district energy business in the US, Vicinity Energy operates across cities including Boston, Cambridge, Philadelphia and Baltimore.
According to Antin, this created the largest district energy platform in the US.
District energy systems deliver steam, hot water or chilled water from centralised plants to buildings using a network of underground pipes.
Vicinity’s offering includes eSteam, which the company says is produced by electric boilers and industrial heat pump technology using renewable sources.
Since coming under Antin’s ownership, Vicinity Energy has added connections to more than 160 new buildings and invested capital to upgrade facilities and networks.
Vicinity president and CEO Kevin Hagerty said: “We are grateful for the dedication of our employees, the trust of our customers and to Antin for its partnership throughout this chapter of our growth. Together, we have built a strong foundation for success.
“This new partnership with Harrison Street Asset Management creates an opportunity to amplify that momentum through continued investment, innovation and growth, while remaining steadfast in our commitment to operating safely, serving our customers reliably and supporting the communities that depend on us.”
Antin and Vicinity were advised on the transaction by Evercore Group and TD Securities (USA) as financial co-leads; Natixis, New York Branch, as financial adviser; and Kirkland & Ellis as legal counsel.
In July 2026, CPV Renewable Power and investment partner Harrison Street Asset Management began commercial operations at the 114MW CPV Rogue’s Wind project in Cambria County, Pennsylvania.
