OTTAWA — The Canada Infrastructure Bank (CIB) and Enwave Energy Corporation have announced the completion of an agreement valued at $1.4 billion to advance district energy projects in Toronto and Mississauga.
The CIB is allocating $600 million to the project, which allows Enwave to accelerate and scale the buildout of the two district energy systems, stated a recent release.
Enwave will use technologies such as wastewater heat recovery and geoexchange in delivering the community-scale networks in Toronto and Mississauga.
The funding will support Enwave in the design, construction, operations and maintenance of the networks.
Enwave is owned by the Ontario Teachers’ Pension Plan Board and IFM Investors, both of which have commitments to achieve net-zero emissions by 2050.
“District energy projects align with our priority to invest in clean energy infrastructure which reduce greenhouse gas emissions. As world leaders focus on global climate action, our innovative investment is a tremendous opportunity to make urban communities greener and more sustainable,” said Ehren Cory, CEO of the CIB, in a statement.