Antin to Sell Vicinity Energy to Harrison Street in $2.92B Deal

Antin Infrastructure Partners has agreed to sell a majority stake in Vicinity Energy to Harrison Street Asset Management in a transaction valuing the district heating and cooling company at $2.92 billion.

Harrison Street plans to complete the acquisition through a joint venture with Kenon Holdings. The companies did not disclose the ownership percentage being acquired.

Boston-based Vicinity operates 19 district energy systems across 12 U.S. cities, supplying steam, hot water and chilled water to approximately 250 million square feet of building space. Its customer base includes more than 1,000 buildings in sectors including higher education, health care, government, data centers and commercial real estate.

Under Antin’s ownership, Vicinity connected more than 160 additional buildings and invested in upgrades to its plants and distribution networks. It is also developing electric boilers and industrial-scale heat pumps as part of its eSteam offering and its goal of reaching net-zero carbon emissions by 2050.

The sale represents the first exit for Antin’s Flagship Fund IV and its first U.S. flagship exit. It follows announced divestments involving European energy infrastructure operator Idex and Norwegian wellboat operator Sølvtrans.

For Harrison Street, the acquisition builds on five previous district energy investments, including systems serving universities, a government entity and a municipality.

The transaction is expected to close in the first half of 2027.

Evercore Group LLC and TD Securities (USA) LLC served as financial co-lead advisers and Natixis, New York Branch served as financial adviser to Antin and Vicinity, while Kirkland & Ellis LLP served as legal counsel.