TORONTO, Nov. 3, 2021 – Canada Infrastructure Bank (CIB) and Enwave Energy Corporation (Enwave) have completed a long-term agreement valued at $1.4 billion to accelerate and advance district energy projects in the Cities of Toronto and Mississauga.
The CIB is committing $600 million to the project which allows Enwave to accelerate and scale the build-out 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 of energy efficiency and sustainable energy in providing a reliable source of heating and cooling while reducing facility owners’ operating costs.
The new investment represents a unique opportunity for Enwave to deploy sustainable technologies, such as wastewater heat recovery and Geoexchange, in delivering community-scale low-carbon energy for new networks in Toronto and Mississauga. Enwave will also expand and enhance the efficiency of its existing low carbon hot water district in Toronto, optimizing the base network. The projects will leverage Enwave’s expertise and strengths in design, construction, operations, and maintenance of district energy networks.
The partnership further aligns Enwave’s vision of clean energy growth with its owners, Ontario Teachers’ Pension Plan Board and IFM Investors, and their commitments to achieve net-zero emissions by 2050.
- The projects are expected to help reduce greenhouse gas emissions by more than 67,000 tonnes every year.
- District energy is a component of the City of Toronto’s TransformTO climate action plan to reduce greenhouse emissions from city buildings.
- The City of Mississauga’s Climate Change Action Plan notes district energy as a key opportunity in its goal to become a low carbon and resilient community.
- The CIB seeks to invest up to $5 billion into clean energy projects which are in the public interest and support Canadian sustainable economic growth.
- All CIB investments are subject to approval of its Board of Directors