- 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 01, 2024 (GLOBE NEWSWIRE) -- 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, 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.
"Working with CAPREIT to fund deep energy and decarbonization retrofit projects will help improve the living experience for thousands of their residents in Canada," commented Ehren Cory, CEO, Canada Infrastructure Bank. "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."
"As a leader in affordable rental housing, CAPREIT is also working to reduce the carbon footprint of its properties across the country," added The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities. "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."
"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," said Mark Kenney, President and CEO of CAPREIT. "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."
Media Contacts:
Canada Infrastructure Bank
media@cib-bic.ca
416-347-3358
CAPREIT
media@capreit.net
