The Canada Infrastructure Bank (CIB) and Ameresco Canada Inc. have reached financial close on an agreement that sees the CIB committing up to $100 million towards energy efficient building upgrade projects.

The CIB’s funding is intended to support Ameresco-led energy retrofits to decarbonize commercial and industrial buildings across Canada.

Ameresco, a leading cleantech integrator and project developer, owner and operator, will identify and manage the upgrade projects. The CIB’s funding will be used for the retrofit work.

“We are thrilled that our agreement with the CIB will increase the availability of low-cost committed capital for Ameresco’s project work in Canada,” said company president Bob McCullough. “We are grateful that the Canada Infrastructure Bank shares our vision for a more sustainable future for our customers through innovative financing solutions such as energy as a service.”

The types of projects that could be financed through the funding commitment could help contribute to effective energy reductions benefiting Canadian businesses and the overall economy. Examples of retrofits include LED lighting conversion, high efficiency electrified HVAC, onsite solar plus battery storage, and other GHG reducing technologies.

When complete, the upgrades are expected to reduce annual greenhouse gas emissions by 33,000 tonnes of CO2e on an average annual basis. With buildings currently accounting for 18 per cent of Canada’s greenhouse gas emissions, modernizing these assets is critical to meeting climate change goals.

The 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.

“We’re investing in decarbonizing buildings across Canada through Ameresco – one of North Americas’ leading energy service companies,” said CIB CEO Ehren Cory. “Our $100-million funding commitment and its long-term impact will result in resilient, energy efficient Canadian infrastructure, helping to reduce GHG emissions and bring Canada one step closer to net zero goals.”

To date, the CIB has committed more than $1 billion towards building retrofits.