Harrison Street and Kenon buy Vicinity Energy from Antin at $2.92B value

Harrison Street Asset Management agreed to acquire a majority equity position in Vicinity Energy, the largest U.S. district energy provider, from Antin Infrastructure Partners, valuing the platform at a $2.92 billion enterprise value. Kenon Holdings is taking a 25% stake for roughly $450 million alongside Harrison Street funds, with lenders committing up to $1.4 billion of non-recourse debt. Boston-based Vicinity serves 700-plus customers across about 1,000 buildings in 12 cities.

Why it matters: District heating and cooling networks have become prized core infrastructure assets as cities look to decarbonize aging urban steam systems.