CIB commits $100M to GDI retrofits
The Canada Infrastructure Bank (CIB) says it has reached financial close on an investment worth $100 million with GDI Integrated Facility Services Inc. (GDI).
The financing supports deep energy retrofits in aging buildings across Canada to help reduce their environmental impact.
According to CIB, GDI has formed a special purpose vehicle to finance the capital costs of the retrofits. The funding includes the CIB’s investment with the remainder raised through an equity investment by GDI and third parties.
GDI, in turn, intends to source energy projects and provide complete turnkey design/build services through its wholly owned subsidiary Ainsworth and its subsidiary, Énergère. The companies will offer initial energy audits, energy modelling, system design, installation, commissioning, measurement and ongoing energy management, data analytics and energy optimization.
Ainsworth, which is GDI’s technical services business segment, alongside Énergère, an energy services company, will provide their clients with solutions to accelerate the decarbonization of buildings.
Planned 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.
“We are very excited to work with CIB on their financing program,” said Claude Bigras, President & Chief Executive Officer, GDI. “These investments will enable our clients to reduce their overall greenhouse gas emissions and will contribute to the mitigation of climate change effects in Canada and the world. We will be performing turnkey solutions for clients’ buildings to reduce the carbon footprint and while enhancing overall energy efficiency.”
The investment forms part of the CIB’s Building Retrofits Initiative, which has committed over $1.2 billion towards financing sustainable retrofits to date.