Antin Infrastructure Partners has agreed to sell a majority stake in Vicinity Energy to Harrison Street Asset Management through its Flagship Fund IV. The deal values 100 percent of Boston-headquartered Vicinity at an enterprise value of $2.9 billion. Harrison Street plans to make the acquisition through a joint venture partnership with Kenon Holdings.

The sale marks the first exit from Antin's Flagship Fund IV and the firm's first flagship exit in the US. It is also Antin's third announced exit in recent weeks, following the sale of a 30 percent stake in Norway-based wellboat operator Sølvtrans and the sale of Idex.

Antin formed Vicinity in 2019 through a carve-out of Veolia's US district energy business. Under Antin's ownership, Vicinity has connected more than 160 new buildings to its networks and made substantial capital improvements. The company offers eSteam, carbon-free steam generated by electric boilers and heat pumps using renewable energy. Vicinity serves more than 1,000 buildings across 12 US cities including Boston, Cambridge, Philadelphia, and Baltimore.

The deal is expected to close in the first half of 2027.