CIB finances retrofit for Kingston building
The Canada Infrastructure Bank (CIB) has committed $25 million in financing toward the retrofit of a large commercial building by Modern Niagara Group.
The property, which is located on Princess Street in Kingston, spans 220,000 square feet and is used as commercial office space. The scope of work calls for the space to be upgraded to reduce carbon emissions by more than 80 percent – or about 2,000 tonnes annually.
The building's existing fossil-fuelled heating system will be replaced with electrified systems such as heat pumps, and its operation control system and insulation will be enhanced. The retrofit will help transform the building into a leading energy efficient and sustainable innovation hub.
“We are proud to provide tailored financing solutions to organizations, municipalities and businesses across Canada, helping them advance their green projects and meet their sustainability targets,” said CIB CEO Ehren Cory. “Not only will this partnership with Modern Niagara result in significant carbon reductions, it will also advance the creation of an innovation hub in Kingston which will attract jobs and prominent tenants to the community for years to come.”
The project also supports the City of Kingston's goal to reduce carbon emissions in the region.
Modern Niagara helps building owners, managers, and general contractors achieve their objectives by developing custom, turnkey solutions that meet the mechanical, electrical, integrated building technology, and building services needs of their properties across Canada.
“We are looking forward to partnering with the Canada Infrastructure Bank to support our clients becoming greener and moving towards net-zero carbon buildings,” said Modern Niagara CEO Brad McAninch. “This investment will help our client at 945 Princess Street achieve their sustainability goals more quickly and efficiently. We are passionate about building sustainability, and in 2022 alone, we are committed to reducing our carbon footprint from the energy consumption of our corporate office buildings in Ontario by 30%, based on 2019 benchmarks. We are excited to continue offering our clients carbon reduction solutions to help them meet their building sustainability objectives.”
Construction is underway and is expected to be completed by 2024.
Through its Building Retrofits Initiative, the CIB has committed more than $800 million toward building energy retrofits. The bank is mandated to invest up to $5 billion into green infrastructure which supports climate change action and sustainable economic growth.