The Canada Infrastructure Bank (CIB) and Dream Industrial Real Estate Investment Trust have finalized a $50-million loan to fund commercial property energy-efficiency retrofits at 34 warehouses in Alberta, Ontario and Quebec.

The CIB’s investment will support upgrades to mid- and large-bay warehouses used for urban logistics, light industrial and distribution. Building upgrades include: mechanical and electrical systems, renewable energy generation, heating, ventilation and air conditioning systems, fuel switching, energy management technology, building envelope and electric vehicle charging.

The projects are expected to create approximately 630 jobs and generate 14,500 MWh of clean electricity from installed renewable power generation such as solar panels.

Dream Industrial REIT is part of the Dream Group of Companies, which was the first real estate group in Canada to receive a loan in 2022 as part of the CIB’s Building Retrofits Initiative.

“We are excited to partner with the CIB to complete large-scale energy efficiency improvements across our Canadian industrial portfolio,” said President & Chief Executive Officer Alexander Sannikov. “Investing in high-impact retrofits, including solar installations, aligns with Dream Industrial’s strategy to invest in opportunities that produce attractive returns while improving the sustainability and resiliency of our assets, and help reduce emissions to accelerate the transition to a low-carbon built environment.”