CIB invests $100 million with Noventa to decarbonize buildings

On April 17, 2023, the Canada Infrastructure Bank (CIB) announced that it had reached financial close with Noventa Energy Partners (Noventa) on an investment towards sustainable retrofit projects.

Under the terms of the agreement, the CIB has committed a CAD $100 million loan for upgrades to heating and cooling systems performed by Noventa through an Energy-as-a-Service (EaaS) delivery model. Additional funding will be provided by way of private capital from Ancala Partners through Noventa.

This investment is part of the CIB's Building Retrofits Initiative (BRI), which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings. With buildings currently accounting for 18 percent of Canada's greenhouse gas emissions, modernizing these assets is critical to meeting Canada's climate change goals.

Gowling WLG advised the CIB on this investment with a team led by Myron Dzulynsky, with assistance from Braden Sheps (financial services) and Lindsay Wong (corporate).