Société de financement et d’accompagnement en performance énergétique (SOFIAC)

Project Name: SOFIAC Retrofits


Partner(s): SOFIAC, Fondaction, Econoler and Fiera Private Debt

Location: Province of Québec

Sector: Green infrastructure

Participation: Up to $100 million (financial close)

Description: This investment for energy-efficient building retrofits in the province of Quebec will allow commercial and industrial businesses, as well as multi-unit residential building owners to develop and implement retrofit projects.

Retrofit projects will help optimize energy performance and reduce carbon footprint of existing buildings. Inefficient energy use in large buildings is a major source of greenhouse gas emissions and retrofits can significantly reduce GHGs emissions and owner operating expenses, contributing to Canada’s transition to a low-carbon future. 

Our contribution will take the form of a long-term, fully refundable loan. It will allow commercial and industrial businesses, as well as multi-unit residential building owners with minimum annual energy expenses of $1 million and with potential energy savings of 25% to 40% to leverage SOFIAC’s technical and financial resources to develop and implement retrofit projects to optimize their energy performance and reduce their carbon footprint, without requiring upfront investment or internal resources. 

Benefits of the CIB Involvement

Our Commercial Building Retrofits Initiative team works with large private sector real estate owners and real estate aggregators on customized plans that will modernize and improve the energy efficiency of existing buildings. We transform the retrofits market by leading the way for private financing. 

Our investment will help finance 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.

Our investment in the SOFIAC Retrofits projet attracted major players such as Fiera Private Debt in the project.

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