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Morguard & NERVA Energy Retrofits Partnership

Sector
Clean Energy
Region
Canada (various locations)
Investment
$100 million
(Financial Close)
Partner(s)
Morguard Corporation, NERVA Energy Group
Public impact(s)
30% emissions reduction

Supporting energy efficient upgrades in buildings across Canada

Enabling portfolio-scale retrofits that cut emissions, reduce energy use and modernize existing buildings

Fast facts

Supporting energy efficient upgrades across a portfolio of 30 properties in Canada
Reducing building greenhouse gas emissions by at least 30%
Upgrades include mechanical system modernization and fuel switching to low-carbon options such as heat pumps and the use of district energy

The Canada Infrastructure Bank (CIB) has reached financial close on a $100 million loan with Morguard Corporation to support energy upgrades at a portfolio of 30 properties across Canada.

Morguard will work with NERVA Energy, a multi‑disciplinary engineering firm specializing in energy performance, to help design and implement retrofit upgrades across the portfolio.

Across Morguard’s participating properties, the upgrades are expected to reduce annual emissions by approximately 35,246 tonnes.

The retrofit projects are focused on improving building performance, reducing emissions, and supporting long-term operational efficiency.

Public lender(s): Canada Infrastructure Bank

Private lender(s): Morguard Corporation

Term: 18 years

Benefits of the CIB’s involvement

Delivering deep retrofits at scale requires strong collaboration between building owners, technical experts, and long‑term capital. By working with Morguard and NERVA Energy, the CIB is accelerating deep retrofits that reduce energy use, save owners long‑term operating expenses and cut emissions.

The investment is provided through the CIB’s Building Retrofits Initiative, which offers low‑cost, long‑term financing to help building owners overcome high-upfront costs and long payback periods associated with deep energy retrofits.

Learn more

Disclaimer: The Canada Infrastructure Bank (CIB) in its sole and absolute discretion may choose to make available amendments, revisions, modifications, or replacements to this website. This page will remain open for further revision, modification, replacement or cancellation by the CIB at any time and in no event shall the CIB be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on the content of this website. Images courtesy of Morguard Corporation.

The CIB and partners announce the partnership.
Two mid- to high-rise office towers with grid-like window façades stand at a downtown intersection at dusk, with many interior lights visible. In the foreground, cars create motion blur as they pass along the street, while pedestrians gather near the corner. A modern abstract sculpture sits on the sidewalk at right, and surrounding buildings and streetlights frame the urban scene under a pale evening sky.
The Bay Club towers. High-rise residential towers rise above a city street at dusk, with balconies and windows illuminated against a clear blue sky. In the foreground, a landscaped park area features trees with autumn foliage and a modern sculptural structure, while streetlights and surrounding mid-rise buildings frame the urban scene.
Morguard Corporation

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.

Angela Sahi, President and Chief Executive Officer
NERVA Energy

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.

Rob Hallewick, Chief Executive Officer

Project videos

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