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Press release April 9, 2019

Specializing in the co-development and financing of renewable heat production or energy-saving projects, Kyotherm continues to expand with its eighth round of funding, raising €18 million. Noria and Starquest, historic investors, are participating in this transaction, which marks the arrival of two new investors: Ciclad via its Ciclad 6 and Ciclad 6 B funds, and Bpifrance, via its France Investissement Energie Environnement (FIEE) fund.

Founded in 2011 by Arnaud Susplugas, Kyotherm is an investment company specializing in the co-development, financing and management of energy projects in two complementary areas: renewable heat and energy savings.

These energy infrastructures require substantial, long-term investment, as well as industrial, technical, legal and financial expertise, if they are to be competitively priced in relation to fossil fuels. By structuring and providing third-party financing for energy projects, Kyotherm is in a unique position. The company becomes the missing link between project developers (energy providers, energy service companies, equipment manufacturers, design offices, etc.), who have the technical expertise but cannot provide financing for their customers, and energy users, who have neither the technical expertise nor the ability or willingness to finance such long-term equipment or infrastructure.

Kyotherm’s differentiated approach has already proved its worth in several projects with CAC 40 companies. To date, Kyotherm has 19 renewable heat production or energy-saving projects in operation or under construction, representing nearly 62 MW of installed capacity and 2.5 TWh of decarbonized energy over their lifetime. Given the considerable needs of the renewable heat and energy efficiency markets, Kyotherm’s future growth potential appears significant.

As of the date of this round of financing, Kyotherm has 19 renewable heat or energy-saving projects with a total installed capacity of nearly 62 MW

This new round of financing will enable Kyotherm, which has signed contracts worth almost 200 million euros, to pursue its strong growth, diversify its business in France and expand internationally, serving both its long-standing partners and new partners attracted by its simple, low-cost financing solutions.

Arnaud Susplugas, Chairman and Founder of Kyotherm : “In recent years, we have been able to reduce the cost of renewable or saved kWh for our customers, reduce the carbon footprint on our planet and offer returns to our investors, thanks to a rigorous control of our risks. Together with our partners, we intend to accelerate this strategy, with great determination but also with great humility, so great is the task that lies ahead of us. I am delighted that more men and women have decided to invest in this project.”

Christophe Guillaume, Managing Director of Noria, adds, “Noria joined Arnaud Susplugas in 2012 and is delighted today with the enlargement of the round table, which reinforces the project’s governance and ambition. While renewable heat and energy efficiency are still the poor relations of the energy transition due to their relative complexity, Kyotherm has positioned itself correctly to bring skills and pragmatism to the realization of its customers’ projects.

Arnaud Delattre, President and Founder of Starquest : “We’ve been supporting Kyotherm since 2010 and have always participated in the financing stages of its growth since that time. Kyotherm is a very rare example of strong and steady value creation, with a highly original approach to third-party financing of energy performance. We are delighted to welcome Bpifrance and Ciclad as our new partners, and we are convinced that they will be able to help us accelerate an already proven success, but one whose potential we still see as immense.”

Eric Bruguière, Partner at Ciclad, comments, “Kyotherm is an innovative player in renewable heat and energy savings with a virtuous business model and positive societal impact. For this eighth operation of our sixth fund, we are particularly enthusiastic about supporting a high-quality team and an ambitious development project at the heart of the energy transition.”

Jacques Solleau, Director of Fonds Filières at Bpifrance, added: “We are delighted with this transaction, which enables the FIEE fund to invest in the still too confidential sectors of renewable heat
renewable heat and energy savings, thus promoting non-electric renewable energies. We are delighted to be supporting a player like Kyotherm with its multi-sector positioning (geothermal, biomass, solar thermal, energy performance) and multi-country presence (France, Germany, UK, Italy…).


Investors :

  • Ciclad : Eric Brugière, Ying Xiao
  • Noria: Christophe Guillaume, Benoit Praud
  • Starquest Capital : Arnaud Delattre
  • Bpifrance Investissement: Jacques Solleau, Aurélien Hüe, Benoit Villain

Investor advisors:

  • Ciclad legal counsel : HPML (Thomas Hermetet, Marina Llobell)
  • Legal counsel Bpifrance Investissement: BCTG (Severin Kullmann)
  • Financial audit : Cofigex (Frederic Durand, Jean-Charles Norris)

Kyotherm legal counsel: LPA CGR (Florence Trogon-Dumain, Astrid Klutse)

Press contacts

  • Kyotherm : Thibault Chevallier,, 06 64 51 59 00
  • Noria : Benoit Praud,, 06 03 19 78 12
  • Ciclad : Eric Bruguière,, 06 10 89 17 94 and Ying Xiao,, 06 87 15 77 85
  • Bpifrance: Nathalie Police,, 01 41 79 95 26 and Sarah Madani,, 01 42 47 96 89
  • Starquest Capital : Arnaud Delattre,, 06 14 55 60 01