Canada Infrastructure Bank Provides Loan To Fund Energy Efficiency Upgrades For Commercial Properties
Canada Infrastructure Bank Provides Loan To Fund Energy Efficiency Upgrades For Commercial Properties
Crown corporation completes $50 million loan to Dream Industrial to upgrade 34 warehouses
Dream Industrial Real Estate Investment Trust closed a $50 million loan with Canada Infrastructure Bank, a federal Crown corporation, to retrofit 34 industrial buildings in Alberta, Ontario and Quebec.
Canadian Infrastructure Bank, or CIB, said the investment in Dream Industrial will support its work to upgrade mid- and large-bay warehouses used for urban logistics, light industrial and distribution. The building upgrades will include mechanical and electrical systems, renewable energy generation, heating, ventilation and air conditioning systems, fuel switching, energy management technology, building envelope and electric vehicle charging, CIB said.
CIB funds energy retrofits nationwide to help reduce carbon emissions from commercial buildings, a property sector the bank said accounts for 18% of Canada’s total emissions.
“Investing in high-impact retrofits, including solar installations, aligns with Dream Industrial’s strategy to invest in opportunities that produce attractive returns while improving the sustainability and resiliency of our assets, and help reduce emissions to accelerate the transition to a low-carbon built environment,” Dream Industrial President and CEO Alexander Sannikov said in a statement.
Dream’s retrofit projects are expected to create approximately 630 jobs and generate 14,500 megawatt hours of clean electricity from installed renewable power generation, such as solar panels, CIB said.
“Dream Industrial’s new initiative is proof that our building retrofits program is succeeding in helping Canada’s building owners to upgrade their properties and reduce energy use at scale,” Canada Infrastructure Bank CEO Ehren Cory said in a statement.
Source CoStar. Click here for the full story.
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