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CIB, CIBC, Markham District Energy close $270M deal

DCN-JOC News Services
CIB, CIBC, Markham District Energy close $270M deal

MARKHAM, ONT. — The Canada Infrastructure Bank (CIB), Markham District Energy Inc. (MDE) and the CIBC have announced financial close on a district energy deal in the City of Markham.

Under the agreement, the CIB and CIBC are each investing $135 million. The investments will help MDE expand its service area, enabling more buildings to connect to its low-carbon district energy systems, stated a release.

Operating since 2000, MDE is a thermal energy utility owned by the City of Markham. It currently provides services to 13 million square feet and 230 buildings. By using fuel-switching technologies, the new infrastructure is expected to reduce production of greenhouse gases by 33,700 tonnes annually.

MDE’s 10-year growth plan includes new high-efficiency energy-production facilities, extending the thermal-distribution network, and investing in low-carbon fuel-switching projects, including Canada’s largest wastewater energy recovery project.  

Using a system of underground pipes, district energy systems deliver energy to buildings in the form of hot water and chilled water to heat and cool building spaces. Every building connected to the district system becomes “net-zero ready” as MDE moves towards the net-zero target.

“As part of our mandate, we are focused on advancing clean energy projects across Canada. The enhanced district energy system will reduce greenhouse-gas emissions and create economic spin-off benefits,” stated CIB CEO Ehren Cory in a statement.


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