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IFM Investors and OTPP partnered to purchase the Canadian portion of the district energy business, while QIC and Ullico acquired the US-based assets.
The 85% acquisition of the Estonian energy group means the majority of the €1.4bn raised by First State in June for EDIF II has now been deployed.
The investment was made on behalf of an Australian LP and a new European client.
The French firm is believed to have fended off competition from the likes of Ardian, IFM and Partners Group, in a deal worth between €1bn and 1.5bn.
The sale of Oslofjord Varme to a consortium also including Infranode represents the first realisation from iCON’s €500m second fund.

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