CIB finalizes $100M deal to finance building retrofit work

Key Takeaways:

• The CIB is providing a $100 million loan to finance sustainable building retrofits.
• GDI’s subsidiaries Ainsworth and Énergère will provide turnkey design/build retrofit services.
• Each building is expected to reduce greenhouse gas emissions by a minimum of 30% annually, for an average of 37% across the project portfolio.
• The work is expected to support approximately 500 jobs in the trades sector.

The Whole Story:

The Canada Infrastructure Bank (CIB) has reached financial close on a $100 million investment with GDI Integrated Facility Services Inc. (GDI). The financing supports deep energy retrofits in aging buildings across Canada to help reduce their environmental impact.

GDI has formed a Special Purpose Vehicle (SPV) to finance the capital costs of the retrofits which will include the CIB’s investment with the remainder funded through an equity investment by GDI and third parties. GDI’s wholly owned subsidiary Ainsworth (Ainsworth) and its subsidiary, Énergère will source energy projects and provide complete turnkey design/build services. The companies will offer initial energy audits, energy modelling, system design, installation, commissioning, measurement and ongoing energy management, data analytics and energy optimisation.

Ainsworth, GDI’s technical services business segment, alongside Énergère, an energy services company have the capacity and experience to provide their clients with tangible solutions to accelerate the decarbonization of buildings.

Each project carried out by the Special Purpose Vehicle (SPV) will vary in scale and approach. Ainsworth’s turnkey energy services will provide their clients with deep energy retrofit solutions to dramatically reduce carbon emissions. Carbon reduction measures include fuel switching, HVAC upgrades, transitioning to clean and renewable power sources like solar generation, electrical vehicle charging and energy storage facilities.

Once all retrofits are complete, it is estimated that approximately 44,000 tonnes of greenhouse gas emissions (GHGs) will be reduced per year. In addition, the projects are expected to support approximately 500 jobs in the trades sector.

The investment is part of the CIB’s Building Retrofits Initiative which has committed over $1.2 billion towards financing sustainable retrofits. Buildings account for around 18% of Canada’s total GHG emissions. Investments from the CIB help to prioritize and accelerate building retrofits to help meet Canada’s climate change goals.

“No one can reduce the environmental impact of aging buildings across the country on their own,” said Sean Fraser, minister of housing. “This requires the public and private sectors coming together. We are proud to announce this agreement today that is a shining example of such a partnership, and is one that will help Canada reach net-zero emissions by 2050.”