Project Name: Lulu Island District Energy
Partner: City of Richmond, Lulu Island Energy Company
Location: City of Richmond, British Columbia
Sector: Green Infrastructure
Commitment: Memorandum of Understanding
Description: Lulu Island Energy Company is a municipal corporation wholly owned by the City of Richmond, established to implement and operate district energy utility systems in the City of Richmond, British Columbia. Lulu Island Energy Company’s district energy project involves expanding the City’s current district energy system from 3.6 million square feet to 50 million square feet, over time, conditional to approval by Richmond City Council.
The City of Richmond’s official plan calls for higher density and mixed use buildings in future residential and commercial development. As a result, the City will benefit from low-carbon energy sources on an expedited basis that would provide heating and cooling to buildings in the region.
Lulu Island Energy Company’s district energy system will use zero-carbon sewer heat recovery technology to extract heat from the local sewer force main once the system is fully built out.
Role and Advantages of CIB Involvement
- Allows for the build out the district energy system on a more expedited basis using renewable, low-carbon energy sources
- Flexible terms to be able to accommodate long-term capital drawdown and long-term duration of project
- Lower financing rates to help contribute to both the financial and environmental sustainability of the district energy system
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