The Canada Infrastructure Bank announced recently that it is working with B.C.-born Creative Energy on a project that is targeting the “deep decarbonization” of older buildings across Canada.
Canada Infrastructure Bank says it is providing Creative Energy with a $50 million loan, according to a statement, which will allow Creative Energy to launch its Canadian retrofit project, which aims to reduce the emissions of buildings by up to 90%.
“Our partnership with Creative Energy allows their tailored turnkey retrofit solutions designed to improve the efficiency of aging buildings to be implemented quickly and address affordability concerns,” stated Ehren Cory, CEO of Canada Infrastructure Bank.
Cory added that the investment is part of the CIB’s Building Retrofits Initiative.
In total, “We’ve committed more than $1.2B towards financing sustainable building upgrades,” the chief executive noted.
The first building retrofit project under the partnership is located at the Thompson Rivers University. The Okanagan campus will see a dozen buildings upgraded by converting natural gas heating systems to an electrified heat strategy using centralized air and water.
“Sustainability is a core value at Thompson Rivers University,” commented Thompson Rivers University Vice-Chancellor Brett Fairbairn. “This initiative not only promises a more sustainable campus but also invigorates sustainability initiatives that actively involve and benefit students.”
The CIB’s partnership with Creative Energy “provides building owners, like Thompson Rivers University, with the investments they need to improve energy efficiency,” remarked Gregor Robertson, Minister of Housing and Infrastructure.
“By unlocking capital for sustainable retrofits, we’re helping to cut emissions, lower energy costs, and create good jobs—while building healthier, more resilient communities across the country,” said the minister.
Since being founded in Vancouver 1968 as Central Heat Distribution, Creative Energy is the owner and operator of one of North America’s largest district energy systems.
“Creative Energy is proud to be a part of this landmark project at Thompson Rivers University, and to partner with the Canada Infrastructure Bank, as we seek to create community energy systems today, for a better world tomorrow,” remarked Kieran McConnell, who functions as Chief Operating Officer for Creative Energy.
The partnership with CIB “marks a major step forward in our mission to decarbonize buildings at scale,” according to McConnell.
“By unlocking access to long-term capital, we are accelerating the transition to affordable clean, efficient community energy systems,” the COO stated.
Thompson Rivers University launched in 1970 as Cariboo College.
The CIB was established by the federal government in 2017.
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