SOFIAC Retrofits

Sector(s)
Green Infrastructure
Location(s)
Province of Quebec
Participation
Up to $100M (financial close)
Partner(s)
SOFIAC, Fondaction, Econoler, Fiera Private Debt

Retrofit projects to optimize building energy performance and reduce carbon emissions

Investment in Quebec allows commercial, industrial, and multi-unit residential building owners to develop and implement retrofit projects.

Fast facts

Incentive for companies to take action on energy efficient retrofits
Targeting a 30% overall reduction in greenhouse gas emissions
Goal to reduce 25% to 40% of energy costs per project

Inefficient energy use in large buildings is a major source of greenhouse gas (GHGs) emissions. Retrofits can significantly reduce GHGs and owner operating expenses, contributing to Canada’s transition to a low-carbon future.

Our investment takes the form of a long-term, fully repayable loan. It allows building owners with minimum annual energy expenses of $1 million to see potential energy savings of 25% to 40%. They can leverage SOFIAC’s technical and financial resources to develop and implement retrofit projects. The goals are to optimize building energy performance and reduce carbon footprints, without requiring upfront investment or internal resources.

Benefits of CIB Involvement

Our Commercial Building Retrofits Initiative enables large private sector real estate owners and aggregators to modernize and improve the energy efficiency of existing buildings.

Our investment finances upfront capital costs of retrofits, which will be repaid through the sharing of energy savings over a period of several years. Once the repayment is complete, the companies that benefited from the initiative will benefit from 100% of the savings achieved through the retrofits.

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Econoler

Because of these major investments, SOFIAC will continue to develop as an innovative mechanism for breaking down barriers that could impede the implementation of energy efficiency projects for buildings in Quebec’s private sector. SOFIAC will considerably accelerate the implementation of energy efficiency measures in Quebec businesses and will play a key role in ensuring an efficient and profitable energy transition.

Pierre Langlois, President
Fondaction

The positive transformation of our society requires sound and innovative partnerships. By creating SOFIAC with Econoler and by mobilizing key financial actors like CIB and Fiera Private Debt, Fondaction is combining structuring conditions for reaching ambitious and realistic energy efficiency targets and taking action in the fight against climate change.

Geneviève Morin, President and Chief Executive Officer
SOFIAC

SOFIAC is extremely pleased today to have reached this crucial milestone. We will be the link between available capital and clean energy market forces. With our zero-cost implementation mechanism, we will generate significant cash flows for our clients. We will also help them take advantage of the generous subsidy programs available. With our turnkey offer and our sound expertise in cleantech deployment, we are breaking down barriers today and enabling our clients to acquire leading-edge facilities that are key to decarbonizing our economy.

Michel Méthot, General Manager
Fiera Private Debt

Fiera Private Debt is proud to provide a long-term financing solution to SOFIAC’s innovative energy efficiency platform which combines experienced and quality sponsors in, Econolor and Fondaction, who will design turnkey solutions to meet the needs of commercial and industrial clients’ infrastructure modernization projects that will increase energy efficiency while reduce greenhouse gas emissions.

Andrew J. Shannon, Managing Director