Efficiency Capital advancing building retrofit projects with CIB's $50 million investment
Focused on small-to-medium-sized buildings, with three new projects under construction
- $50 million loan facility towards sustainable building retrofits across Canada.
- Reducing GHG emissions in retrofitted buildings by a minimum of 30 per cent.
- The CIB has committed $1.2 billion towards energy-efficient building upgrades.
TORONTO, June 6, 2024 /CNW/ - The Canada Infrastructure Bank (CIB) and Efficiency Capital have recently formalized their financial partnership to help small and medium-sized building owners across Canada decarbonize their facilities.
Businesses and building owners have already been onboarded to work with Efficiency Capital on new energy retrofit solutions, with three projects in Alberta, Ontario and New Brunswick. Together, these retrofits will reduce 10,000 tonnes of CO2e over their life.
Efficiency Capital, one of Canada's first Energy-as-a-Service (EaaS) companies, partners with owners to deliver fully funded deep retrofit solutions which reduce energy use and GHG emissions, generating environmental, social, and economic results.
Examples of such upgrades can include lighting, roof insulation, heating-ventilation-air conditioning, heat pumps, automation systems, EV charging and renewable energy sources such as solar PV and geothermal. Some projects are expected to achieve a reduction in GHG emission by up to 50 per cent.
Efficiency Capital is an 'aggregator' under the CIB's Building Retrofits Initiative (BRI), which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings. The CIB created the aggregator program so that building owners both large and small can access its capital for low-carbon investments.
With buildings currently accounting for 18 per cent of Canada's greenhouse gas emissions, modernizing these assets is critical to meeting Canada's climate change goals.
Through our Building Retrofit Initiative, we have invested more than $1.2 billion towards modernizing aging buildings across the country. Our $50 million investment with Efficiency Capital targets opportunities, primarily for small to medium-sized building owners to cost effectively upgrade their assets. Eighty per cent of the buildings which will be standing in 2050 are standing today, which presents a tremendous opportunity to reduce greenhouse gas emissions and energy use through retrofits.
Ehren Cory, CEO, Canada Infrastructure Bank
Reducing greenhouse gas emissions in buildings across the country will contribute significantly to the reduction of Canada's carbon footprint. With the Canada Infrastructure Bank's $50 million investment, Efficiency Capital will provide turnkey retrofits to decarbonize commercial, industrial and multi-residential buildings. The Canada Infrastructure Bank's Building Retrofits Initiative will help Canada reach its goal of net-zero by 2050.
Julie Dabrusin, Parliamentary Secretary to the Minister of Environment and Climate Change and to the Minister of Energy and Natural Resources and Member of Parliament for Toronto—Danforth, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, Government of Canada
Over the past year, EC has announced multiple partnerships to deliver its offerings across Canada. Our financial partnership with the CIB has given us the tools to make significant reductions in GHG emissions in buildings across Canada. Leveraging the CIB's investment, we're thrilled to expand our projects to improve efficiency, increase asset value and create cleaner, brighter spaces for tenants across Canada.
Chandra Ramadurai, CEO, Efficiency Capital
SOURCE Canada Infrastructure Bank
Canada Infrastructure Bank, [email protected]; Efficiency Capital, [email protected]
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