CIB signs deal for Johnson Control’s Buildings as a Service program

OTTAWA—The Canada Infrastructure Bank (CIB) and Johnson Controls have signed an agreement that commits $125 million to accelerating private sector decarbonization retrofit projects across Canada.

The agreement sees the CIB investing $100 million toward commercial, industrial, manufacturing and multi-residential buildings through Johnson Controls’ OpenBlue Net Zero Buildings as a Service program, a recent statement explained. The CIB’s financing represents 80 per cent of the overall capital cost of projects.

An equity investment representing up to 20 per cent of the capital cost will be provided by Johnson Controls and its affiliate, Johnson Controls Capital Canada Inc.

Johnson Controls is active globally in the building technology and software service sectors. It will identify and manage the retrofit projects by “offering a unique, efficient and vertically integrated delivery model inclusive of the investor and energy service company,” the statement said.

Asset owners will have access to OpenBlue Net Zero Advisor, which includes software that undertakes AI-driven tracking and reporting of sustainability metrics for energy, water and waste.

The investment is expected to reach financial close in summer 2022.

“We are delighted to partner with Johnson Controls, one of Canada’s largest energy service companies to enable large-scale retrofit projects that will be carried out with no upfront investment from building owners. This is another CIB investment that fits perfectly with our $2 billion Green Infrastructure priority sector and will have a long-term material impact on Canadian infrastructure,” stated CIB CEO Ehren Cory in the statement.