OFI InfraVia’s European Fund II, its second European infrastructure fund, has acquired a 24 per cent stake in Régaz – the regulated gas distribution network of the City of Bordeax – from Dalkia France.
Gas distribution in France is regulated by the Commission de Regulation de l’Energie (CrE) under a standard WACC-based rAb regime.
With a RAB of approximately EUR265m, Régaz is France’s largest independent gas distribution company, which operates and services a network of 3,315 km and 210,000 points of delivery.
“Régaz is an excellent gas distribution business enjoying a solid regulatory framework and an attractive investment profile,” says Vincent Levita, founder and chief executive of OFI infraVia. “Our investment in Régaz aligns perfectly with our investment strategy in mid-cap infrastructure assets and we are pleased to provide InfraVia II investors with access to a robust European regulated business. We look forward to working with the other shareholders, the management team and the employees of Régaz to ensure the continuing quality of service and contribute to the further development of the company.”
