Régaz Bordeaux is the largest independent gas LDC (Local Distribution Company) in France operating the gas distribution networks for the City of Bordeaux and approximately 50 neighboring municipalities.
We invested in Régaz in 2013 alongside Engie and local governments. During the holding period, Régaz kept on developing its gas network (3,400 km) with an ambitious capex plan (cast iron elimination, extension, densification, connectivity improvement, smart meters) enabling it to maintain its regulated asset base. In parallel, Régaz continued to generate operational efficiencies through commercial development on the residential and professional markets, maintenance program, opex optimization, IT development and R&D. Régaz renewed its concession agreement in 2016 for a 30-year period, negotiated its new 2018-2022 regulated tariffs, and completed its corporate reorganization in 2018 reinforcing the long-term stability of the asset.
We realized our investment in 2018 following the separation of Gaz de Bordeaux (gas supply retail) from Régaz and the transformation of the business into a pure regulated core infrastructure.