A conditioning or heating plant and a process of controlling the plant, wherein plant comprises at least one circuit for distributing a carrier fluid, having a delivery line, a return line, and a plurality of channels directly or indirectly connected to the delivery line and return line and configured for supplying respective environments to be conditioned and/or heated, at least one heat treatment central group placed on the circuit. The plant has, for each of the channels, at least one respective heat exchange unit and at least one flow-rate regulator.