CIB announces $100-million loan for energy retrofits
The Canada Infrastructure Bank (CIB) has provided Noventa Energy Partners with a $100-million loan for upgrades to heating and cooling systems performed by Noventa through an energy-as-a-service (EaaS) delivery model.
The organizations announced the financial close of the agreement on April 17.
Noventa's EaaS model will help building operators manage capital and operating costs of upgrades. On average, Noventa's solutions reduce building carbon emissions from heating by more than 70 percent.
The retrofit projects will rely on Noventa's customized Wastewater Energy Transfer Systems, anchored by HUBER ThermWin technology. The technologies harness the thermal energy in wastewater to provide low-carbon heating and cooling to buildings. Noventa's solutions also reduce emissions by using electricity more efficiently for cooling.
Noventa's initial feasibility reports have been developed for several facilities that include hospitals, universities and large commercial redevelopments across Ontario.
“This funding commitment from CIB coupled with the financial support and resources of our major shareholder, Ancala, will allow us to execute on our Wastewater Energy Transfer projects at nine sites approved by Toronto City Council last year,” said Noventa CEO Dennis Fotinos. “Once commissioned, these projects will achieve meaningful GHG emissions reductions, significantly less water consumption, and energy cost savings for our customers.”
This investment is part of the CIB's Building Retrofits Initiative, which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings. With buildings currently accounting for 18 percent of Canada's greenhouse gas emissions, modernizing these assets is critical to meeting Canada's climate change goals.
“Our Building Retrofit Initiative targets impactful upgrades of buildings across the country which reduce greenhouse gas emissions and help Canada reach its climate change goals,” said CIB CEO Ehren Cory. “Our $100 million investment with Noventa and Ancala enables greener and more energy-efficient buildings, supports the deployment of innovative sustainable technologies, and creates jobs.”
All CIB investments are subject to approval by its Board of Directors.