Vicinity Energy to be acquired by Harrison Street and Kenon Holdings

Harrison Street Asset Management and Kenon Holdings have agreed to acquire a majority equity position in Vicinity Energy from Antin Infrastructure Partners. The transaction values Vicinity Energy at a total enterprise value of $2.92 billion.

Kenon Holdings will acquire a 25% indirect interest for approximately $450 million in cash. A lender consortium has committed up to $1.4 billion in non-recourse debt financing to fund the purchase and future growth capital expenditures.

Vicinity Energy is the largest district energy provider in the United States, supplying steam, hot water, and chilled water to over 700 customers across approximately 1,000 buildings in 12 cities, including Philadelphia and Boston. The company reported approximately $611 million in revenue for 2025, with an expected annualized run-rate adjusted EBITDA exceeding $140 million.

The deal is expected to close in the first half of 2027, subject to regulatory approvals and customary closing conditions. Antin Infrastructure Partners is expected to retain a minority stake in the company.