NERVA Energy to Support Deep Energy Retrofits Across Selected Morguard Properties

September 17, 2026

The Canada Infrastructure Bank (CIB) has reached financial close on a $100 million loan with Morguard Corporation to enable energy‑efficient retrofits across a portfolio of approximately 30 properties in Canada.

• Morguard has established a $145 million Morguard ReNew Fund supported by its partners 
• The Morguard ReNew Fund supports retrofits which will reduce energy use and help lower long-term operating costs, with a minimum 30 per cent reduction in emissions 
• Morguard and NERVA Energy will complete deep energy retrofits and optimization projects across a diverse portfolio of residential and commercial properties in Canada 
• Upgrades will modernize mechanical systems and support fuel switching to low-carbon heating and hot water options, including heat pumps and the use of district energy

Morguard is a fully integrated real estate firm with more than $24.2 billion in assets under management across North America. Morguard will collaborate with NERVA Energy, a multi‑disciplinary engineering firm specializing in energy performance, to design and implement the retrofit projects across the portfolio. 

The loan, coupled with an equity commitment from Morguard and its investors through the newly established Morguard ReNew Fund, will support portfolio-scale building upgrades across Morguard’s multi-suite residential and commercial buildings, including retail, office and industrial properties. Upgrades are expected to include improvements to optimize building systems and mechanical equipment, along with low-carbon heating and hot water solutions. 

NERVA Energy is serving as the technical and delivery partner, providing integrated engineering and implementation across participating properties. The projects are focused on improving building performance, reducing emissions and supporting long-term operational efficiency. 

The upgrades are expected to reduce annual emissions by approximately 35,246 tonnes of CO₂e across participating properties, while improving building performance and long-term operational efficiency. 

The CIB’s loan is provided through its Building Retrofits Initiative (BRI), which offers low-cost, long-term financing to help building owners overcome high upfront costs and long payback periods associated with deep energy retrofits.

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