Kenon agrees to buy 25% stake in Vicinity District Energy for about $450 million

By Public Technologies
  • Kenon agreed to pay USD 450 million for a 25% equity stake in Vicinity District Energy, a US district heating and cooling operator.
  • Deal implies a USD 2.92 billion enterprise value for 100% of Vicinity, subject to post-closing adjustments.
  • Transaction structured through a buyer vehicle owned by Kenon and funds managed by Harrison Street Asset Management.
  • Non-recourse debt commitments of up to USD 1.4 billion arranged to fund part of the purchase price, with an additional growth capex facility.
  • Closing targeted for Q2 2027, subject to regulatory approvals; Kenon plans to fund its cash commitment from existing liquidity.


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