CIB's $100 million investment with GDI Integrated Facility Services Inc. to fund turnkey energy retrofits in aging infrastructure

Partnership allows building owners to reduce carbon emissions in existing buildings 

• The CIB is providing a $100 million loan to finance sustainable building retrofits.
• GDI's subsidiaries Ainsworth and Énergère to provide turnkey design/build retrofit services.
• Each building is expected to reduce greenhouse gas emissions by a minimum of 30% annually, for an average of 37% across the project portfolio.
• Expected to support approximately 500 jobs in the trades sector.

TORONTO, July 2, 2024 /CNW/ - The Canada Infrastructure Bank (CIB) has reached financial close on a $100 million investment with GDI Integrated Facility Services Inc. (GDI). The financing supports deep energy retrofits in aging buildings across Canada to help reduce their environmental impact.

GDI has formed a Special Purpose Vehicle (SPV) to finance the capital costs of the retrofits which will include the CIB's investment with the remainder funded through an equity investment by GDI and third parties. GDI's wholly owned subsidiary Ainsworth (Ainsworth) and its subsidiary, Énergère will source energy projects and provide complete turnkey design/build services. The companies will offer initial energy audits, energy modelling, system design, installation, commissioning, measurement and ongoing energy management, data analytics and energy optimisation.   

Ainsworth, GDI's technical services business segment, alongside Énergère, a leading energy services company have the capacity and experience to provide their clients with tangible solutions to accelerate the decarbonization of buildings.  

Each project carried out by the Special Purpose Vehicle (SPV) will vary in scale and approach. Ainsworth's turnkey energy services will provide their clients with deep energy retrofit solutions to dramatically reduce carbon emissions. Carbon reduction measures include fuel switching, HVAC upgrades, transitioning to clean and renewable power sources like solar generation, electrical vehicle charging and energy storage facilities.

Once all retrofits are complete, it is estimated that approximately 44,000 tonnes of greenhouse gas emissions (GHGs) will be reduced per year. In addition, the projects are expected to support approximately 500 jobs in the trades sector.

This investment is part of the CIB's Building Retrofits Initiative which has committed over $1.2 billion towards financing sustainable retrofits. Buildings account for around 18 per cent of Canada's total GHG emissions. Investments from the CIB help to prioritize and accelerate building retrofits to help meet Canada's climate change goals.

Endorsements:

No one can reduce the environmental impact of aging buildings across the country on their own. This requires the public and private sectors coming together. We are proud to announce this agreement today that is a shining example of such a partnership, and is one that will help Canada reach net-zero emissions by 2050.
The Honourable Sean Fraser, Minister of Housing, Infrastructure, and Communities 

The CIB's Building Retrofit Initiative is further bolstered by an additional $100 million loan to a leading energy services company in GDI. This partnership will enable GDI to accelerate the implementation of turnkey retrofit solutions designed to improve the efficiency of our country's inventory of aging buildings which is key to making communities more resilient and sustainable. 
Ehren Cory, CEO, Canada Infrastructure Bank

We are very excited to work with CIB on their financing program that we can offer to our clients across Canada. These investments will enable our clients to reduce their overall greenhouse gas emissions and will contribute to the mitigation of climate change effects in Canada and the world.  We will be performing turnkey solutions for clients' buildings to reduce the carbon footprint and while enhancing overall energy efficiency.
Claude Bigras, President & CEO, GDI

Learn More:

Canada Infrastructure Bank 

GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, distribution centers, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial and building maintenance, energy advisory and system optimization, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI).

Ainsworth is one of the largest multi-trade services providers in North America, with over 3,500 employees including more than 2,700 tradesmen providing HVAC-R, building automation, mechanical, electrical, energy management, power system and transmission line services to the commercial, institutional, and industrial markets with operations in all Provinces in Canada and five U.S. States.

Énergère is a leading energy services company and well experienced in the building retrofits space. Since 1997, they have completed over 600 energy efficiency projects ranging from small scale upgrades with independent businesses to large-scale campus and institutional retrofits.

SOURCE Canada Infrastructure Bank