First Retrofit Financed by the Canada Infrastructure Bank Receives IREE Certification
January 27, 2023
The Canada Green Building Council (CAGBC) and the Canada Infrastructure Bank (CIB) have announced Dream’s 366 Bay St. redevelopment in Toronto is the first retrofit project financed by the CIB to achieve Investor Ready Energy Efficiency (IREE) certification.
IREE certification is part of the CIB’s Building Retrofits Initiative and is administered through the CAGBC. The goal of the certification is to increase investor confidence by providing third-party verification for retrofit projects that meet desired energy targets. Project developers using IREE benefit from a consistent, best-practice approach to project development that better ensures outcomes and facilitates financing.
As the first certified building financed by one of the CIB’s large-scale decarbonization investments, Dream’s 366 Bay St. redevelopment represents an important milestone and one of many retrofit projects to come that will be IREE certified. The CIB’s initiative finances the capital costs of retrofits, using energy savings and operating cost savings for repayment.
The building is part of a group of 19 Dream properties in Ontario and Saskatchewan which received a $136.6 million investment from the CIB. The building retrofits will see approximately 1,500 jobs created and the decarbonization and modernization of buildings where 15,000 employees work.
CIB is having a transformative effect on the infrastructure market by providing access to financing for energy retrofits and leading the way for private investment. By requiring IREE certification, the CIB is encouraging a standardized process of developing and financing projects and helping to establish energy retrofit investments as a distinct asset class.