• Coriance Holding 1 (Coriance) is a leading independent district heating (DH) company in France and Belgium, which owns and operates a diversified high quality asset base

  • Among these assets is a portfolio of 34 DH concessions, with a total installed heat and power capacity of 1.3 GW and 150MW, respectively

  • Coriance has a focused strategy as well as significant operational and technical expertise in relation to its core DH business, with a strong emphasis on renewable energy (approximately 68% of energy is produced from renewable sources in 2019)

  • Coriance generates the majority of its revenues from long-term DSP contracts, typically with a duration of 20 to 30 years, with an average remaining contract life of 15 years
  • In 2016, DC Advisory (DC) advised First State Investments (FSI) on the acquisition of Coriance from KKR, as well as on the refinancing of its EUR 490 million facilities in 2019


  • DC was engaged by FSI to provide debt advice on the refinancing of the revolving capex and MidCo facilities
  • DC ran a comprehensive refinancing process engaging various sources of liquidity in the bank and PP markets
  • DC led a number of detailed work streams, including: financial modelling; debt structuring; assisting in the drafting of a Green Financing Framework; and full documentation negotiations to address a number of key objectives, such as:
    • Innovative debt structuring to enable management to deliver its business plan, through refinancing the capex facility under the Common Terms Agreement (CTA) platform and refinancing of the MidCo facility
    • Establish green credentials and increase flexibility of the facilities to support new acquisitions and further growth capex, so as to deliver the business plan and secure favourable pricing and rates


  • Despite challenging market conditions, DC delivered a market-leading outcome in meeting Coriance’s refinancing objectives, including:
    • Raising EUR 100 million of new term debt across bank and PP lenders to refinance the existing drawn capex facility
    • Raising a new EUR 50 million capex facility to further support Coriance’s business plan
    • Diversifying tenors across the CTA platform
    • Refinancing of existing MidCo debt with a more suitable new EUR 60 million MidCo facility, aimed at improving pricing and allowing more flexibility
  • The bank element of the financing is structured as Sustainability Improvement Loans, with automatic margin adjustments should Coriance meet or fail to meet a number of ESG KPIs (such as CO2 emissions, renewable heat production and safety standards)
  • DC also supported Coriance in obtaining a Second Party Opinion (SPO) & Green Framework on alignment with Green Bond principles, enabling it to issue future green financings in-line with their business plan