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CIB to help finance Noventa retrofit projects in Ontario

CIB to help finance Noventa retrofit projects in Ontario

OTTAWA – The Canada Infrastructure Bank (CIB) and Noventa Energy Partners have announced they have reached financial close on deal for retrofit projects in Ontario.

Under the terms of the agreement, the CIB has committed a $100-million loan for upgrades to heating and cooling systems performed by Noventa using an energy-as-a-service delivery model. Additional funding will be provided by Ancala Partners through Noventa.

The plan will help building operators manage capital and operating costs of upgrades, stated a release. On average, Noventa said, its technology reduces building carbon emissions from heating by more than 70 per cent.

Noventa’s initial feasibility reports have targeted retrofits of hospitals, universities and large commercial redevelopments across Ontario.

The retrofit projects will use Noventa’s Wastewater Energy Transfer Systems with HUBER ThermWin technology. The system harnesses the thermal energy in wastewater to provide low-carbon heating and cooling to buildings. Noventa’s programs also reduce emissions by using electricity more efficiently for cooling, the firm said.

Ancala has invested $700 million in renewable energy companies. Its existing portfolio includes HS Orka, the largest privately owned energy generator in Iceland, food waste recycling specialist Biogen and biomass energy company Magnon Green Energy. 

“Our $100 million investment with Noventa and Ancala enables greener and more energy-efficient buildings, supports the deployment of innovative sustainable technologies and creates jobs,” stated CIB CEO Ehren Cory in a statement.

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