Kenon to Acquire Stake in U.S. District Energy Business

Kenon to Acquire Stake in U.S. District Energy Business

UNITED STATES: Kenon Holdings has agreed to invest approximately US$450 million to acquire a 25% stake in Vicinity District Energy, a major U.S. district heating and cooling infrastructure provider. Vicinity serves more than 700 customers across around 1,000 buildings in 12 U.S. cities, including Boston and Philadelphia. The company generated approximately US$611 million in revenue in 2025 and operates more than 140 miles of underground piping. The acquisition values Vicinity at an enterprise value of approximately US$2.92 billion. Kenon will partner with Harrison Street Asset Management, with the transaction expected to close in Q2 2027, subject to regulatory approvals.

Source: Kenon Holdings Newsroom