$300M Aggregator Program Supports Large-Scale Green Infrastructure Upgrades
TORONTO – The Canada Infrastructure Bank (CIB) is helping to accelerate the reduction of greenhouse gas emissions in Ontario by making a $200-million loan available through a partnership with Enbridge Sustain to enable deep retrofits of large buildings.
Enbridge Sustain intends to leverage this capital to execute deep energy retrofit projects in existing buildings. CIB and Enbridge Sustain expect the total retrofit program value to be up to approximately $300 million.
Projects will be developed and executed through a partnership between Enbridge Sustain and Blackstone Energy Services (Blackstone).
The partnership will provide Enbridge Sustain and Blackstone customers, including but not limited to colleges, universities, multi-residential buildings and hospitals, with a suite of decarbonization solutions from design through construction, operation, and maintenance.
Blackstone and Enbridge Sustain will offer retrofit solutions such as the conversion of heating/cooling systems to geothermal, solar generation, electric vehicle infrastructure, heat recovery, smart building controls and backup power generation.
The retrofits will replace existing lower-efficiency equipment with new technologies aimed at driving long-term energy savings which are used to repay the initial capital costs.
The Enbridge Sustain agreement has pushed the CIB above $1 billion in financing towards sustainable building retrofits. Buildings are one of the largest sources of GHGs in Canada, accounting for around 18 per cent of total emissions.
Ehren Cory, CEO, Canada Infrastructure Bank affirmed that “CIB’s loan towards Enbridge Sustain’s projects with Blackstone to retrofit large buildings will have a major impact on reducing greenhouse gas emissions in Ontario. Deep retrofits, particularly in post-secondary education and hospital buildings are key to reducing energy use, lowering heating and cooling costs and supporting their environment goals.”
Mark Irvine, Vice President, Unregulated Business, Enbridge Gas Inc. supports the impact of funding deep retrofits. “We are excited to announce our collaboration with the Canada Infrastructure Bank (CIB) and Blackstone Energy Services to launch an initiative that offers a practical and affordable solution to large energy users such as universities, hospitals, municipalities, and multi-unit residential properties. This initiative aims to implement deep energy building retrofits that are expected to result in a minimum of 30% emissions reduction. Our collective efforts towards decarbonization are designed to contribute to greener future for generations to come.”
For Blackstone, the new partnership with Enbridge Sustain and CIB means access to necessary capital to support their clients in their energy transition. “With over 75 million square feet of decarbonization studies and action plans completed, many of our clients are poised to move forward implementing their green infrastructure projects. The CIB and Enbridge Sustain capital structure is truly unique, and their commitment to long-term energy-as-a-service agreements offer one of the best client solutions in the market”, said Ryan Duffy, CEO, Blackstone Energy Services
The proposed transactions described in this announcement are subject to the completion of definitive agreements among CIB, Enbridge Sustain, and Blackstone.
Learn More:
About Enbridge Sustain
Enbridge Sustain is an unregulated division of Enbridge Gas Inc. that provides energy-as-a-service solutions to homeowners, developers, and commercial customers. Backed by over 175 years of experience in the energy industry and utility sector, Enbridge Sustain offers affordable and convenient energy solutions that help reduce GHG emissions and energy costs. The service works with trusted partners to ensure seamless integration into the development’s construction process, resulting in superior efficiency, reliable operation, and innovative technology.
About Blackstone Energy Services
Blackstone is an energy transition company delivering responsible energy and carbon management solutions. Since 2003, Blackstone has been helping large energy users in the built environment save, sustain and thrive by offering unbiased advisory and specialized services across the entire carbon and energy value chain. Blackstone has more than $800 million in decarbonization retrofits either underway or planned, which enables clients to achieve their net-zero goals and aligns with federal, provincial, and municipal decarbonization targets. The company’s energy solutions are focused on helping reduce costs, consumption and carbon. Along with innovative financial solutions, we help implement the right green infrastructure improvements to help clients decarbonize their facilities and reach their net-zero ambitions.
Media contacts:
Canada Infrastructure Bank
Enbridge Sustain
enbridgegasmedia@enbridge.com
Blackstone Energy Services
Bill Walker, Midtown PR
bill@midtownpr.com
