Veolia Energy has signed an agreement to acquire privately owned Thermal North America, Inc., the largest portfolio of district heating and cooling networks in the United States for $788 million.
The transaction is expected towards the end of the year or beginning of 2008.
With projected revenue of $425 million in 2007, Thermal North America, Inc., is present in various regional markets and operates heating networks in Boston, Philadelphia, Baltimore, Atlanta, Kansas City, Trenton, St Louis, Oklahoma City and Tulsa and several cooling networks in Las Vegas and Los Angeles.
The company employs 450 people and operates 3500 MW of thermal capacity, 520 MW of cooling capacity and 245 MW of electrical capacity. In addition to the distribution of heat and cooling, Thermal North America, Inc. also has power generation and building management services.