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CIB partners with Efficiency Capital with $50M for SMB building decarbonization retrofit program

July 5, 2024 – Canada Infrastructure Bank (CIB) and Efficiency Capital have formalized a $50-million partnership to help small- and medium-sized building owners across Canada decarbonize their facilities.

Efficiency Capital is an “aggregator” under CIB’s Building Retrofits Initiative (BRI), which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings.

“Our $50-million investment with Efficiency Capital targets opportunities—primarily for small- to medium-sized building owners—to cost effectively upgrade their assets,” said CIB CEO Ehren Cory.

“80% of the buildings which will be standing in 2050 are standing today, which presents a tremendous opportunity to reduce greenhouse gas emissions and energy use through retrofits,” Cory added.

Efficiency Capital, an energy-as-a-service (EaaS) company, partners with owners to deliver fully funded deep retrofit solutions to reduce energy use and GHG emissions.

These retrofit solutions could include upgrades to lighting, roof insulation, and HVAC, or the introduction of heat pumps, automation systems, electric vehicle charging stations, and renewable energy sources.

“Our financial partnership with the CIB has given us the tools to make significant reductions in GHG emissions in buildings across Canada,” said Chandra Ramadurai, CEO, Efficiency Capital. “Leveraging the CIB’s investment, we’re thrilled to expand our projects to improve efficiency, increase asset value, and create cleaner, brighter spaces for tenants across Canada.”

Efficiency Capital will offer turnkey retrofits to decarbonize commercial, industrial, and multi-residential buildings. Some projects are expected to achieve a reduction in GHG emissions by up to 50%.