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KKR ESG & Citizenship Report

Eco-Solution: Coriance

Expanding Clean Energy Heating Options

Key Environmental Performance Area:

  • Greenhouse Gas Emissions (Products and Services)

Builds, operates, and maintains district heating networks based on renewable energy solutions.

Renewable energy increased from 40 to 50 percent of Coriance’s total energy production during recent years.

Renewable energy is forecasted to reach 57 percent of company’s total energy production by end of 2016.

All data and information in this case study are as of December 31, 2015, unless otherwise noted.


Worldwide, the trend of switching to less carbon-intensive and renewable energy is growing. In order to make this shift, communities need access to dependable clean energy sources. Conventional methods of heating residential and commercial spaces use fossil fuels that are inefficient and resource intensive.i Heating networks powered by renewable energy sources can help reduce environmental impact, while still providing heat to customers.

Coriance operates a portfolio of regulated district heating concessions in France, under which it supplies heat to residential, social, and commercial buildings, and sells cogenerated electricity to state-owned utility EDF.


Coriance’s mission is to build and operate district heating networks under public services contracts with municipalities and cities across France. These networks offer an alternative method of heating to customers in municipalities and cities by serving district heating concessions. Coriance relies on green sources such as geothermal energy, biomass energy, and heat recuperated from incineration plants, which reduces greenhouse gas emissions from fossil fuels. In addition to focusing on alternative energy sources, Coriance refurbishes its networks over time to repair water leaks and thus reduce the water consumption and the use of water treatment products.

In addition, Coriance took part in the COP21 dialogues in Paris in 2015, during which the company highlighted its efforts to provide renewable, low-carbon energy.


Overall, Coriance has increased profitability and improved its environmental impact. Due to its work to provide renewable energy, the company has enhanced its business, including by extending the term on many contracts. Additionally, the company’s goal is to win public tender processes for new and existing district heating networks, many of which require that the solution must be based on renewable energy. Coriance has capitalized on this growing demand and has earned new business through its technical capacity and experience in renewable energy.

Coriance invests significantly in its renewable and clean energy production. Coriance operates approximately one third of the geothermal wells around Paris. Through winning, renewing, and extending contracts for various projects, Coriance has grown its renewable energy production.

Renewable energy production has increased from 40 to 50 percent of Coriance’s total energy production during the recent years and is projected to reach 57 percent by end of 2016. Among other projects, Coriance completed the drilling of six geothermal wells across the sites of Meaux, Chelles, and Fresnes, completed the construction of wood boilers at Bondy, Les Mureaux, Auxerre, and Dijon, and overhauled old sections of networks at Dijon and Mont Saint Aignan to effectively cut network leaks and heat loss in half.


Coriance began participating in KKR’s green program in 2015. KKR exited its investment in Coriance in 2016 and this is its last report through the GSP. KKR thanks Coriance for its contribution to this program. For more information on the company’s efforts, visit its website.

i International Energy Agency. "Linking Heat and Electricity Systems." IEA Publishing. 2014. Web. 25 July 2016.

ii Self-reported portfolio company data is not calculated, reviewed or independently verified by KKR or KKR Capstone. For more information regarding the results methodology for companies evaluating their own data, please see the methodology section. There is no guarantee that any GSP-related avoided costs or added efficiencies will positively impact the portfolio company’s valuation or performance.

Unless otherwise noted, portfolio company data represents 2015 results, published in August 2016. These case studies may contain forward looking statements including descriptions of planned projects and projected results and savings. These statements are subject to the risk that the projects will not develop as planned or at all or that projected results and savings are not realized.