Large-scale clean energy projects to reduce energy consumption and reduce CO2 emissions
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TORONTONovember 3, 2021 / CNW / – Canada Infrastructure Bank (CIB) and Enwave Energy Corporation (Enwave) have implemented a long-term agreement worth $ 1.4 billion to accelerate and promote urban energy projects in cities Toronto and Mississauga.
CIB commits $ 600 million to the project, which enables Enwave to accelerate and scale the expansion of its district energy systems.
District energy projects help decarbonize connected buildings by reducing typical electricity consumption by up to 80 percent and carbon emissions by up to 60 percent. These systems unlock the potential for energy efficiency and sustainable energy by providing a reliable source of heating and cooling while reducing plant owners’ operating costs.
The new investment represents a unique opportunity for Enwave to implement sustainable technologies, such as wastewater heat recovery and Geoexchange, to deliver low-carbon local energy to new networks in Toronto and Mississauga. Enwave will also expand and improve the efficiency of its existing low-carbon hot water district in Toronto, optimizing the basic network. The projects will leverage Enwave’s expertise and strengths in the design, construction, operation and maintenance of district energy networks.
The partnership further brings Enwave’s vision of growth in clean energy in line with its owners, the Ontario Teachers’ Pension Plan Board and IFM investors, and their commitments to achieve net zero emissions by 2050.
District energy projects are in line with our priority of investing in clean energy infrastructure, which reduces greenhouse gas emissions. As world leaders focus on global climate action, our innovative investment is a great opportunity to make urban communities greener and more sustainable. The district energy projects will benefit those living and working in Toronto and Mississauga for future generations.
Dear Cory, CEO, Canada Infrastructure Bank
This investment from CIB will be the catalyst for accelerating efficient low-carbon energy projects. In cooperation with City of Toronto and Byen Mississauga, Enwave is committed to implementing advanced and innovative low-carbon energy solutions on a scale that enables a leap forward in energy conversion.
Carlyle Coutinho, CEO, Enwave Energy Corporation
We are pleased to support this transformation agreement between CIB and Enwave, which will help build district energy projects to bring efficient and low-carbon energy to new communities in Toronto and Mississauga.
Ziad hindu, Chief Investment Officer, Ontario Teachers’ Pension Plan
Tackling climate change and reaching net zero by 2050 requires strong action, including making our buildings more energy efficient. Canada Infrastructure Bank’s agreement with Enwave Energy Corporation to invest in district energy projects across GTA is a good example of how we will achieve our goals. These projects will reduce greenhouse gas emissions by more than 67,000 tonnes each year, while creating good jobs, reducing greenhouse gas emissions and showing the world how Canada is a leader in the green economy.
The Honorable Dominic LeBlanc, Minister for Intergovernmental Affairs, Infrastructure and Society
- The projects are expected to help reduce greenhouse gas emissions by more than 67,000 tonnes each year.
- District energy is a part of City of Toronto Transform ON climate action plan to reduce greenhouse gas emissions from urban buildings.
- That Byen Mississauga’s Climate change action plan notes district energy as a key opportunity in its goal of becoming a low-carbon and resilient society.
- CIB is looking to invest up to $ 5 billion into clean energy projects that are in the public interest and support Canadian sustainable economic growth.
- All CIB investments are subject to the approval of its Board of Directors
Canada Infrastructure Bank
Enwave Energy Corporation
Ontario Teachers’ Pension Plan
SOURCE Canada Infrastructure Bank
For more information: Media contacts: Terence Foran, Canada Infrastructure Bank, [email protected]416-356-6912; Healy Karia, Enwave Energy Corporation, [email protected], 416-315-1926