The Canada Infrastructure Bank is working with Creative Energy on a project targeting the “deep decarbonization of buildings.”
Canada Infrastructure Bank is providing B.C.-born Creative Energy with a $50 million loan, according to a statement from the entity.
This will allow Creative Energy to launch its retrofit project, which can reduce building emissions by up to 90%.
“Our partnership with Creative Energy allows their tailored turnkey retrofit solutions designed to improve the efficiency of aging buildings to be implemented quickly and address affordability concerns,” commented Ehren Cory, who serves Canada Infrastructure Bank as chief executive officer.
Cory added that the investment is part of the CIB’s Building Retrofits Initiative, “which we’ve committed more than $1.2B towards financing sustainable building upgrades.”
The first building retrofit project under the partnership will be at the Thompson Rivers University campus in Kamloops. There, 12 buildings will be upgraded, converting natural gas heating to electrified heat using a centralized air-source and water-source heat pump strategy.
“Sustainability is a core value at Thompson Rivers University,” noted Thompson Rivers University Vice-Chancellor Brett Fairbairn. “This initiative not only promises a more sustainable campus but also invigorates sustainability initiatives that actively involve and benefit students.”
The CIB’s partnership with Creative Energy “provides building owners, like Thompson Rivers University, with the investments they need to improve energy efficiency,” said Gregor Robertson, Minister of Housing and Infrastructure.
“By unlocking capital for sustainable retrofits, we’re helping to cut emissions, lower energy costs, and create good jobs—while building healthier, more resilient communities across the country,” the Minister stated.
Creative Energy is the owner and operator of one of North America’s largest district energy systems.
“Creative Energy is proud to be a part of this landmark project at Thompson Rivers University, and to partner with the Canada Infrastructure Bank, as we seek to create community energy systems today, for a better world tomorrow,” remarked Kieran McConnell, who functions as Chief Operating Officer for Creative Energy.
The partnership with CIB “marks a major step forward in our mission to decarbonize buildings at scale,” according to McConnell.
“By unlocking access to long-term capital, we are accelerating the transition to affordable clean, efficient community energy systems,” the COO stated.
Thompson Rivers University was founded in 1970 as Cariboo College.
Creative Energy was established in Vancouver 1968 as Central Heat Distribution.
The CIB was launched in 2017.