Canada Infrastructure Bank, Lulu Island Energy Company and Corix Close on $175 Million District Energy Investment
October 3, 2022 | By Logan Caswell
The financing will allow for more than 170 new residential and mixed-use commercial development sites in the Richmond, B.C. area by 2050.
(Photo provided by: CIB)
The Canada Infrastructure Bank (CIB), Lulu Island Energy Company (LIEC) and Corix Infrastructure Inc. (Corix) have closed on a district energy expansion project in Richmond, British Columbia.
Under the agreement, the CIB will provide $175 million in financing for the LIEC City Centre District Energy Utility project. It will enable expansion to more than 170 new residential and mixed-use commercial development sites in the area by 2050, using low-carbon heat recovered from the Gilbert Road regional sewer system.
When complete, the project is expected to reduce greenhouse gas emissions by one million tonnes by 2050, with the amount of connected space to the district energy system increasing 10–fold to 50 million square feet.
The LIEC is a municipal corporation wholly owned by the City of Richmond. It was established to implement and operate district energy utility systems in Richmond’s City Centre area in British Columbia’s Metro Vancouver region.
The CIB financing will enable the district energy expansion which will drive economic benefits through new construction work and deliver an expanded sustainable energy network which will reduce the operating costs of property owners.
Corix will provide expertise in district energy management and be responsible for the design, construction, financing, operations and maintenance of the City Centre system. Corix has been LIEC’s partner since 2014 in the delivery of the Oval Village District Energy Utility under a previous agreement.
