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Enabling green energy retrofits in commercial buildings in Toronto and Vancouver
CIB $47-million loan will support KingSett Capital transition buildings to net-zero
Fast facts
We are helping to accelerate the reduction of 6,095 tonnes of greenhouse gas emissions in commercial buildings located in Toronto and Vancouver with our $47 million loan to KingSett Capital.
Each property will have unique upgrades to enable significant carbon reductions. The overarching implementation strategy includes fuel switching, electrification and upgrades to the buildings’ heating and cooling systems.
Once complete, the buildings will be net-zero ready and achieve the Canada Green Building Council’s Zero Carbon Building standard.
Benefits of CIB involvement
The CIB’s Building Retrofits Initiative targets deep energy-efficient upgrade projects which typically carry higher costs and longer payback periods that private capital markets have historically been unwilling to support.
The CIB’s investment will allow KingSett Capital to undertake energy efficiency and decarbonization improvements at scale by helping to finance upfront capital costs. The loan will be repaid through the energy savings generated by the retrofits over a long-term period.
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