CIB-funded project becomes the first to earn IREE certification
A redevelopment project in downtown Toronto is the first financed by the Canada Infrastructure Bank (CIB) to achieve Investor Ready Energy Efficiency (IREE) certification.
The project at 366 Bay Street is owned by developers Dream. It is part of a group of 19 properties owned by the company in Ontario and Saskatchewan that received an investment of $136.6 million from the CIB. The initiative finances the capital costs of retrofits, using energy savings and operating cost savings for repayment.
IREE certification is administered by the Canada Green Building Council (CAGBC). The goal of the certification is to increase investor confidence by providing third-party verification retrofit projects meet desired energy targets.
By requiring IREE certification, the CIB is encouraging a standardized process of developing and financing projects and helping to establish energy retrofit investments as a distinct asset class.
“The decarbonization and modernization of our assets is an integral part of Dream’s Net Zero by 2035 transition,” said Brad Keast, Head of Development and Construction, Dream Office REIT. “CIB’s funding is helping Dream achieve substantial GHG reductions at an accelerated rate, benefiting stakeholders. Achieving the IREE certification confirms that our comprehensive approach to planning and executing these GHG-saving projects is best-in-class.”
“Our green infrastructure investments are expediting the decarbonization of buildings across Canada,” said CIB CEO Ehren Cory. “By providing attractive financing options and partnering with the private sector, we can serve as the link to ensure meaningful action is taken to enhance energy efficiency of buildings. IREE certification is our standard to finance retrofit projects and build positive outcomes for Canadians.”