CIB closes $100 million loan with Morguard to advance building energy upgrades
- Morguard has established a $145 million Morguard ReNew Fund supported by its partners
- The Morguard ReNew Fund supports retrofits which will reduce energy use and help lower long-term operating costs, with a minimum 30 per cent reduction in emissions
- Morguard and NERVA Energy will complete deep energy retrofits and optimization projects across a diverse portfolio of residential and commercial properties in Canada
- Upgrades will modernize mechanical systems and support fuel switching to low-carbon heating and hot water options, including heat pumps and the use of district energy
TORONTO – The Canada Infrastructure Bank (CIB) has reached financial close on a $100 million loan with Morguard Corporation to enable energy‑efficient retrofits across a portfolio of approximately 30 properties in Canada.
Morguard is a fully integrated real estate firm with more than $24.2 billion in assets under management across North America. Morguard will collaborate with NERVA Energy, a multi‑disciplinary engineering firm specializing in energy performance, to design and implement the retrofit projects across the portfolio.
The loan, coupled with an equity commitment from Morguard and its investors through the newly established Morguard ReNew Fund, will support portfolio-scale building upgrades across Morguard’s multi-suite residential and commercial buildings, including retail, office and industrial properties. Upgrades are expected to include improvements to optimize building systems and mechanical equipment, along with low-carbon heating and hot water solutions.
NERVA Energy is serving as the technical and delivery partner, providing integrated engineering and implementation across participating properties. The projects are focused on improving building performance, reducing emissions and supporting long-term operational efficiency.
The upgrades are expected to reduce annual emissions by approximately 35,246 tonnes of CO₂e across participating properties, while improving building performance and long-term operational efficiency.
The CIB’s loan is provided through its Building Retrofits Initiative (BRI), which offers low-cost, long-term financing to help building owners overcome high upfront costs and long payback periods associated with deep energy retrofits.
Delivering deep retrofits at scale takes strong collaboration between building owners, technical experts, and long‑term capital. Working with Morguard and NERVA Energy, we’re accelerating deep retrofits that reduce energy use, save owners long‑term operating expenses and cut emissions.
Through investments like this, the Canada Infrastructure Bank is helping building owners make the upgrades needed to cut emissions, lower energy costs, and extend the life of the building. These large-scale retrofits will modernize buildings across Ontario and Quebec while supporting a cleaner economy and more resilient communities for generations to come.
This $100 million investment through the Canada Infrastructure Bank will help modernize buildings across Canada, reduce emissions by more than 35,000 tonnes annually, and improve long-term energy efficiency. By partnering with Morguard and NERVA Energy, we are supporting practical solutions that strengthen our building infrastructure while advancing Canada's clean economy.
Establishing the Morguard ReNew Fund, with support from CIB, advances our ongoing efforts to strengthen the performance, efficiency and resilience of our properties over time. By implementing retrofit upgrades across selected assets, we are improving building operations, reducing emissions and continuing to position our portfolio for long-term value creation.
This is a clear example of where the industry is heading. Retrofit programs are no longer conceptual or fragmented, they are becoming structured, measurable and scalable. We are proud to support Morguard in delivering tangible performance improvements across their portfolio while advancing Canadian expertise in this space.
Associated links
Morguard Corporation
Morguard Corporation is a real estate investment company listed on the Toronto Stock Exchange (TSX: MRC). The company and its subsidiaries, Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN), own a diversified portfolio of real estate assets across multiple classes, including office, industrial, retail, multi-suite residential and hotel. Morguard also provides real estate management services to institutional and other investors. As of June 30, 2026, Morguard's owned and managed portfolio of assets was valued at $24.2 billion.
For more information, visit https://www.morguard.com or follow us on LinkedIn and Instagram.
NERVA Energy
NERVA Energy is a Canadian multidisciplinary engineering firm specializing in the delivery of high-performance building retrofit solutions. Combining in-house engineering expertise with field execution capabilities, NERVA provides turnkey programs that optimize building systems, improve energy performance, and enhance overall asset quality.
With a focus on measurable outcomes and accountability, NERVA’s solutions are supported by performance guarantees, ensuring that projected results are realized in practice. The firm works with building owners and institutional partners to deliver scalable retrofit programs that improve efficiency, reduce emissions, and strengthen long-term asset performance.
