Canada Infrastructure Bank Commits $100M Towards Building Retrofits with Scotiabank

June 16, 2025

The Canada Infrastructure Bank (CIB) is expanding its Building Retrofit Initiative (BRI) by forming a $100 million partnership with Scotiabank to finance deep energy retrofits across their commercial real estate clients in Canada. The loans to building owners will support the modernization of their assets and reduce their environmental impacts.

Through this collaboration, Scotiabank clients—including owners of commercial, industrial, office, and multi-residential buildings—can access low-cost, flexible financing to undertake upgrades that cut emissions by at least 30 per cent. Eligible projects include: building envelope improvements, heating and cooling system upgrades, automation and fuel switching, lighting and electrical system upgrades and the installation of electric vehicle charging infrastructure.

Buildings account for approximately 18 per cent of national emissions. By targeting this sector, the Canada Infrastructure Bank and Scotiabank aim to reduce energy use in buildings and save owners long-term operating expenses.

Scotiabank Commercial Banking Real Estate clients can now access low-cost financing to modernize their buildings. Scotiabank will identify commercial property owner clients who are motivated to undertake energy efficiency retrofits. Scotiabank will also market, originate, underwrite, and administer the loans on behalf of the partnership. As a result, there will be upgraded buildings across Canada, intended to improve quality of workplace environments for workers, and additional jobs to modernize and retrofit assets.

This marks the Canada Infrastructure Bank’s second partnership with a Canadian financial institution under its BRI, creating a model for other banks to support small- and medium-sized building owners in accessing retrofit financing.

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