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CIB, Efficiency Capital announce $50 million partnership to decarbonize buildings

CIB, Efficiency Capital announce $50 million partnership to decarbonize buildings

TORONTO – Efficiency Capital (EC) is partnering with the Canada Infrastructure Bank (CIB) with a $50 million loan to assist with sustainable building retrofits across Canada.

Three projects in Alberta, Ontario and New Brunswick have been onboarded to work with Efficiency Capital on new energy retrofit solutions, which in total will reduce 10,000 tonnes of CO2e over their life, a CIB release said.

“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 that will be standing in 2050 are standing today, which presents a tremendous opportunity to reduce greenhouse gas emissions and energy use through retrofits,” CIB CEO Ehren Cory said in a statement.

“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,” Efficiency Capital CEO Chandra Ramadurai added.

Efficiency Capital, one of Canada’s first Energy-as-a-Service companies, partners with owners to deliver fully funded deep retrofit solutions which reduce energy use and GHG emissions, the release said.

Examples of such upgrades include lighting, roof insulation, heating-ventilation-air conditioning, heat pumps, automation systems, EV charging and renewable energy sources such as solar PV and geothermal. 

Efficiency Capital is an “aggregator” under the CIB’s Building Retrofits Initiative, providing long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings. The aggregator program was created so building owners can access its capital for low-carbon investments, the release said.

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