Partnership allows building owners to reduce carbon emissions
in existing buildings
- The CIB is providing a $100
million loan to finance sustainable building
retrofits.
- GDI's subsidiaries Ainsworth and Énergère to 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.
- Expected to support approximately 500 jobs in the trades
sector.
TORONTO, July 2, 2024
/CNW/ - 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, a leading 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.
This 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 per cent 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.
Endorsements:
No one can reduce the environmental impact of aging buildings
across the country on their own. 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.
The Honourable Sean Fraser, Minister of Housing, Infrastructure,
and Communities
The CIB's Building Retrofit Initiative is further bolstered by
an additional $100 million loan to a
leading energy services company in GDI. This partnership will
enable GDI to accelerate the implementation of turnkey retrofit
solutions designed to improve the efficiency of our country's
inventory of aging buildings which is key to making communities
more resilient and sustainable.
Ehren Cory, CEO, Canada
Infrastructure Bank
We are very excited to work with CIB on their financing program
that we can offer to our clients across Canada. 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.
Claude Bigras, President &
CEO, GDI
Learn More:
Canada Infrastructure Bank
GDI is a leading integrated commercial facility services
provider which offers a range of services in Canada and the
United States to owners and managers of a variety of
facility types including office buildings, educational facilities,
distribution centers, industrial facilities, healthcare
establishments, stadiums and event venues, hotels, shopping
centres, airports and other transportation facilities. GDI's
commercial facility services capabilities include commercial
janitorial and building maintenance, energy advisory and system
optimization, the installation, maintenance and repair of HVAC-R,
mechanical, electrical and building automation systems, as well as
other complementary services such as janitorial products
manufacturing and distribution. GDI's subordinate voting shares are
listed on the Toronto Stock Exchange (TSX: GDI).
Ainsworth is one of the largest multi-trade services
providers in North America, with
over 3,500 employees including more than 2,700 tradesmen providing
HVAC-R, building automation, mechanical, electrical, energy
management, power system and transmission line services to the
commercial, institutional, and industrial markets with operations
in all Provinces in Canada and
five U.S. States.
Énergère is a leading energy services company and well
experienced in the building retrofits space. Since 1997, they have
completed over 600 energy efficiency projects ranging from small
scale upgrades with independent businesses to large-scale campus
and institutional retrofits.
SOURCE Canada Infrastructure Bank