Canada Infrastructure Bank (CIB) has announced its commitment to invest up to CAD50 million (US$38.64 million) into Efficiency Capital’s (EC) CAD62.5 million (US$48.30 million) asset management platform.

The purpose of the platform is to develop, fund and deliver private sector energy efficiency and low-carbon retrofits. EC, in collaboration with several pre-approved engineering partners and technology providers, offers an array of fully-funded technical solutions, such as LED lights, heat pumps, HVAC retrofits, onsite solar PV and energy storage. Building retrofit projects will contribute greatly to Canada’s transition to a low-carbon future. This agreement demonstrates how private sector developers and funders can directly influence the transformation towards a net-zero economy, as 17% of greenhouse gas (GHG) emissions are generated by commercial, residential and institutional buildings.

The CIB and EC are expected to reach a financial close by fall 2022.