December 15th, 2016 Natixis Partners advised Dalkia in the disposal of a majority interest in a portfolio of gas-powered cogeneration plants to Amundi Energy Transition

Amundi Energy Transition (AET) has completed the acquisition of a majority interest in a portfolio of gas-powered cogeneration plants from Dalkia, a leading French energy services company. This is AET’s first transaction and is valued at over €150 million. The cogeneration assets consist of 132 facilities producing heat and power for industrial and public sector clients, and have a total capacity of 330MW.

The combined heat and power generation (‘CHP’) provides for enhanced energy efficiency and a significantly reduction in primary energy consumption. It also contributes power to the French national grid supply. These facilities are able to recover heat produced as a by-product of power generation, and reuse it in a number of sectors and applications including industrial processes, producing energy for use in hospitals and public housing, as well as urban heating networks. Cogeneration plants are part of the reserve margin of the French grid and improve energy efficiency, for this reason they benefit from a specific regulatory framework for a maximum period of 12 years.

This is the first transaction of AET which received its authorisation to operate from the French financial markets authority (AMF) last April. It demonstrates AET’s ability to structure innovative investment vehicles on energy transition that can attract major investors. These energy infrastructure products offer an investment opportunity decorrelated from traditional market performance, and contributes directly to French energy transition by financing real assets. As part of the transaction, Dalkia will maintain control of the assets in order to drive the business relationship and ensure that customers have the expected operational performance.

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M&A team:

arnauld schaefer
managing director

erwan thébault
executive director