Ottawa, ON — The Canada Infrastructure Bank (CIB) is partnering with Johnson Controls in an agreement that will see $125 million invested in accelerating decarbonization retrofit projects in the private sector.
Through its agreement, CIB’s investment will represent 80 per cent of the overall capital cost of the project. The other 20 per cent will be covered by Johnson Controls and its affiliate, Johnson Controls Capital Canada Inc.
“We are delighted to partner with Johnson Controls, one of Canada’s largest energy service companies, to enable large-scale retrofit projects that will be carried out with no upfront investment from building owners. This is another CIB investment that fits perfectly with our $2 billion Green Infrastructure priority sector and will have a long-term material impact on Canadian infrastructure,” stated CIB CEO Ehren Cory.
As part of the agreement, CIB will be investing $100 million toward commercial, industrial, manufacturing and multi-residential buildings through Johnson Controls’ OpenBlue Net Zero Buildings as a service program, a recent statement explained.
In addition, asset owners will have access to OpenBlue Net Zero Advisor, which includes software that undertakes AI-driven tracking and reporting of sustainability metrics for energy, water and waste.
This new agreement also aligns with the CIB’s Commercial Building Retrofits Initiative (CBRI), which targets a minimum greenhouse gas emissions reduction of 30 per cent across a portfolio of buildings in the public sector.
The investment is expected to reach a financial close in the summer of 2022.