Canada Infrastructure Bank Partners with Johnson Controls in $125M Retrofit Program
By HPAC MagazineHPAC General carbon reduction emissions reduction infrastructure bank
Johnson Controls will identify and manage the retrofit projects.
The Canada Infrastructure Bank (CIB) and Johnson Controls have signed an agreement that commits more than $125 million to accelerate private sector decarbonization retrofit projects across Canada.
The agreement sees the CIB investing up to $100 million toward commercial, industrial, manufacturing and multi-residential buildings leveraged through Johnson Controls OpenBlue Net Zero Buildings as a Service offering.
As we announce a $100M investment with @johnsoncontrols (JCI), our CEO, Ehren Cory, and JCI’s Area General Manager, Hassaan Khan, discussed how this #investment can transform the #retrofits market with #turnkey solution for building owners. Read more: https://t.co/FlLmlOdWfo pic.twitter.com/VU1B67vf41
— Canada Infrastructure Bank (CIB) (@cib_en) March 30, 2022
“We are delighted to partner with Johnson Controls … to enable large-scale retrofit projects that will be carried out with no upfront investment from building owners,” said Ehren Cory, CEO, Canada Infrastructure Bank, in a media release.
The CIB’s Commercial Building Retrofit Initiative targets building retrofit projects with a minimum of 30% greenhouse gas (GHG) emission reduction at the building level.
In this agreement, the CIB’s financing represents 80% of the overall capital cost of projects. An equity investment representing no less than 20% of the capital cost will be provided by Johnson Controls and its affiliate, Johnson Controls Capital Canada Inc.
Johnson Controls will identify and manage the retrofit projects using a vertically integrated delivery model inclusive of the investor and energy service company. Participating organizations will be provided with capital, expertise and solutions to make tangible progress towards decarbonization goals.
In addition, asset owners will have access to Johnson Controls’ OpenBlue Net Zero Advisor, which combines a suite of connected solutions to deliver real-time, AI-driven tracking and reporting of sustainability metrics such as energy, water and waste.
Over the next five years, this collaboration is expected to reduce (GHG) emissions by more than 48,000 tonnes per year from the decarbonization of retrofitted buildings. In addition, the projects are expected to create more than 900 jobs in the trade.
The investment is expected to reach financial close in summer 2022.