Canada Infrastructure Bank (CIB) Invests $100 million with Noventa to Decarbonize Buildings
April 20, 2023
Noventa Energy CEO Dennis Fotinos, CIB CEO Ehren Cory,
and City of Toronto Manager Environment and Climate Fernando Carou.
(CNW Group/Canada Infrastructure Bank)
The Canada Infrastructure Bank (CIB) and Noventa Energy Partners (Noventa) have reached financial close on an investment towards sustainable retrofit projects.
Under the terms of the agreement, the CIB has committed a CAD 100 million loan for upgrades to heating and cooling systems performed by Noventa through an Energy-as-a-Service (EaaS) delivery model. Additional funding will be provided by way of private capital from Ancala Partners (Ancala) through Noventa.
Noventa’s EaaS model will help building operators manage capital and operating costs of upgrades. On average, Noventa’s solutions reduce building carbon emissions from heating by more than 70 per cent.
The retrofit projects will rely on Noventa’s customized Wastewater Energy Transfer™️ (WET™️) Systems, anchored by HUBER ThermWin®️ technology, which harness the thermal energy in wastewater to provide low-carbon heating and cooling to buildings. Noventa’s solutions also reduce emissions by using electricity more efficiently for cooling.
This investment is part of the CIB’s Building Retrofits Initiative (BRI), which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings. With buildings currently accounting for 18 percent of Canada’s greenhouse gas emissions, modernizing these assets is critical to meeting Canada’s climate change goals.
Ancala is an experienced investor in critical infrastructure and has invested more than CAD 700 million into renewable energy companies. In addition to Noventa, its existing portfolio includes HS Orka, the largest privately-owned energy generator in Iceland, food waste recycling specialist Biogen and biomass energy company Magnon Green Energy.
Endorsements
Our Building Retrofit Initiative targets impactful upgrades of buildings across the country which reduce greenhouse gas emissions and help Canada reach its climate change goals. Our $100 million investment with Noventa and Ancala enables greener and more energy-efficient buildings, supports the deployment of innovative sustainable technologies, and creates jobs.
Ehren Cory, CEO, Canada Infrastructure Bank
Increasing the energy efficiency of Canada’s buildings is key to reaching net-zero by 2050. Through this investment from the Canada Infrastructure Bank, building operators will be able to access financing that will allow them to accelerate the implementation of energy-efficiency measures.
The Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities
This funding commitment from CIB coupled with the financial support and resources of our major shareholder, Ancala, will allow us to execute on our Wastewater Energy Transfer™️ projects at the nine (9) sites approved by Toronto City Council last year. Once commissioned over the next four years, these projects will achieve meaningful GHG emissions reductions, significantly less water consumption, and energy cost savings for our customers.
Dennis Fotinos, CEO Noventa Energy Partners
Dennis and his team at Noventa are uniquely placed to help building owners to significantly reduce their carbon emissions and heating costs while improving their energy ratings. Alongside the CIB, we look forward to working with the Noventa team to provide our capital and expertise to help grow the business. We are actively looking to invest in and support more exciting renewable energy specialists like Noventa.
Lee Mellor, Partner, Ancala Partners
Quick Facts
- Noventa’s initial feasibility reports have been developed for several facilities that include hospitals, universities and large commercial redevelopments across Ontario.
- Noventa has exclusive distribution rights to HUBER ThermWin technology in Canada.
- The CIB has committed more than $1 billion towards building retrofits.
- The CIB seeks to invest $10 billion into green infrastructure which supports climate change action and sustainable economic growth.
- All CIB investments are subject to approval by its Board of Directors.
More Information
www.cib-bic.ca
www.noventaenergy.com
Media Contacts: Canada Infrastructure Bank, media@cib-bic.ca; Noventa, Mackenzie Kelly, Project Co-ordinator, mkelly@noventaenergy.com
