Canada Infrastructure Bank commits to fund up to $100 million in Ameresco Building Retrofits
TORONTO – The Canada Infrastructure Bank (CIB) and Ameresco Canada Inc. (Ameresco) have reached financial close on an agreement which sees the CIB committing to fund up to $100 million towards energy efficient building upgrade projects.
The CIB’s funding is intended to support Ameresco-led energy retrofits to decarbonize commercial and industrial buildings across Canada.
Ameresco, a leading cleantech integrator and project developer, owner and operator, will identify and manage the upgrade projects. The CIB’s funding will be used for these projects and the customers will benefit from Ameresco’s, expertise, and solutions to make tangible progress towards decarbonization goals.
The types of projects that could be financed through the funding commitment could help contribute to effective energy reductions benefiting Canadian businesses and the overall economy. Examples of retrofits include LED lighting conversion, high efficiency electrified HVAC, onsite solar plus battery storage, and other GHG reducing technologies.
When complete, the CIB’s support for upgrading these buildings is expected to reduce annual greenhouse gas emissions by 33,000 tonnes of CO2e on an average annual basis. With buildings currently accounting for 18 per cent of Canada’s greenhouse gas emissions, modernizing these assets is critical to meeting climate change goals.
This investment is part of the CIB’s Building Retrofits Initiative (BRI), which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings.
Through our Building Retrofit Initiative, we’re investing in decarbonizing buildings across Canada through Ameresco – one of North Americas’ leading energy service companies. Our $100 million funding commitment and its long-term impact will result in resilient, energy efficient Canadian infrastructure, helping to reduce GHG emissions and bring Canada one step closer to net zero goals.
Improving the energy efficiency of existing commercial and industrial buildings across the country is good for Canadian businesses and essential to achieving our goal of net-zero by 2050. This $100 million investment will play an important role in reducing emissions in this sector over the long-term.
We are thrilled that our agreement with the CIB will increase the availability of low-cost committed capital for Ameresco’s project work in Canada. We are grateful that the Canada Infrastructure Bank shares our vision for a more sustainable future for our customers through innovative financing solutions such as energy as a service.
- The CIB has committed more than $1 billion towards building retrofits.
- The CIB seeks to invest $10 billion into green infrastructure which supports climate change action and sustainable economic growth.
- The CIB tailors financing solutions to organizations, municipalities and businesses looking to advance their green projects and sustainability targets.
- All CIB investments are subject to approval by its Board of Directors.