Approximately 14,000 suites to undergo energy
efficient and carbon reduction measures
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- Canadian Apartment Properties Real Estate Investment Trust
(CAPREIT) (TSX: CAR.UN) to lead large-scale upgrades
focused on enhanced energy conservation and carbon reductions.
- Approximately 60 multi-unit residential buildings across
Canada will undergo
retrofitting.
- Projects expected to result in a significant reduction of
carbon emissions annually.
TORONTO, May 1, 2024
/CNW/ - The Canada Infrastructure Bank (CIB) has reached
financial close on a $70 million loan
to CAPREIT to finance deep energy and decarbonization
upgrades at selected buildings. Installation of new energy
conservation equipment is planned to benefit residents living in
approximately 14,000 suites.
The projects are expected to result in the
significant reduction of greenhouse gas (GHG) emissions
annually.
The projects are expected to result in the significant reduction
of greenhouse gas (GHG) emissions annually, with an estimated 40
per cent average decrease in emissions across the retrofitted
properties. Building upgrades include energy recovery among
various mechanical systems, installation of high-efficiency
electric heat pumps, as well as building automation systems,
lighting retrofits and sub-metering.
The retrofitting of existing buildings, which represent a
sizeable proportion of GHG emissions across Canada, is critical to the achievement of the
country's climate-related plans and targets.
The CIB loan, which is part of its Building Retrofits
Initiative, helps to close economic gaps associated with deep
energy retrofit projects that are not typically economically viable
with traditional sources of capital.
The loan contains tenant protections which prevent rent
increases and the imposition of additional utility burdens on
existing tenants. CAPREIT is a leader in affordable rental housing
in Canada, and invests heavily in
its properties to make homes safer, healthier and reduce energy
consumption.
To date, the CIB has invested more than $1.2 billion in sustainable building retrofits
across the country.
Endorsements:
Working with CAPREIT to fund deep energy and decarbonization
retrofit projects will help improve the living experience for
thousands of their residents in Canada. The CIB's loan will also help to
tackle the reduction of a key source of greenhouse gas emissions,
which is essential to contributing to the achievement of
Canada's climate change goals.
Ehren Cory, CEO, Canada
Infrastructure Bank
As a leader in affordable rental housing, CAPREIT is also
working to reduce the carbon footprint of its properties across the
country. The energy retrofits to CAPREIT's rental properties will
reduce energy costs and make them safer and more comfortable for
their tenants across Canada.
Through the CIB's Building Retrofits Initiative, CAPREIT is doing
its part to help us achieve our goal of net-zero by 2050.
The Honourable Sean Fraser, Minister of Housing,
Infrastructure and Communities
We're thrilled to have been able to partner with the CIB and
participate in their Building Retrofits Initiative, an important
program in place to benefit both residents as well as the
environment through projects that wouldn't have been financially
feasible otherwise. This loan will enable us to proceed with
retrofitting approximately one-third of our existing Canadian
apartment portfolio, which will significantly reduce its carbon
emissions annually. Through the CIB, we're pleased to be
contributing to the achievement of Canada's climate-change commitments while also
making meaningful progress on our own, and we're excited to
continue this vital energy conservation work. CAPREIT remains proud
to be a provider of affordable housing for Canadians.
Mark Kenney, President and CEO
of CAPREIT
SOURCE Canada Infrastructure Bank