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.
- Major investments in SOFIAC for large-scale energy efficiency retrofit projects in Quebec
- Société de financement et d’accompagnement en performance énergétique (SOFIAC)
- Fiera Private Debt
Canada Infrastructure Bank, 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 Canada Infrastructure Bank at any time and in no event shall Canada Infrastructure Bank 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. Pictures courtesy of SOFIAC.