CIB’s $100M investment with GDI Integrated Facility Services Inc. to fund energy retrofits

Commercial buildings to undergo retrofits. (CNW Group/Canada Infrastructure Bank)

TORONTO — The Canada Infrastructure Bank (CIB) has reached financial close on a $100 million investment with GDI Integrated Facility Services Inc. The financing supports deep energy retrofits in aging buildings across Canada to try and 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.

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 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, the company says that 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.

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,” said Claude Bigras, President & CEO, GDI.