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Noventa scores $100-million CIB loan to provide energy-as-a-service

April 25, 2023  By  Anthony Capkun

From left: James Nowlan, executive director, Environment and Climate, City of Toronto; Dennis Fotinos, CEO, Noventa Energy; Ehren Cory, CEO, Canada Infrastructure Bank; Fernando Carou, manager, Environment and Climate, City of Toronto.

April 25, 2023 – The Canada Infrastructure Bank and Noventa Energy Partners have concluded a financial agreement on an investment toward retrofit projects.

Under the agreement, CIB has committed a $100-million loan for upgrades to heating and cooling systems performed by Noventa through an energy-as-a-service (EaaS) delivery model.

“Increasing the energy efficiency of Canada’s buildings is key to reaching net-zero by 2050,” said Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities. “Through this investment from the Canada Infrastructure Bank, building operators will be able to access financing that will allow them to accelerate the implementation of energy efficiency measures.”

Additional funding will be provided by way of private capital from Ancala Partners through Noventa.

Noventa’s EaaS model will help building operators manage the capital and operating costs of upgrades. On average, Noventa’s solutions reduce building carbon emissions from heating by more than 70%, says CIB.

Retrofit projects will rely on Noventa’s Wastewater Energy Transfer (WET) systems, anchored by HUBER ThermWin technology, which harness the thermal energy in wastewater to provide low-carbon heating and cooling to buildings.

SEE ALSO Toronto Western benefits from wastewater energy transfer.

Noventa’s solutions also reduce emissions by using electricity more efficiently for cooling, adds CIB.

This loan is part of CIB’s Building Retrofits Initiative (BRI), which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings.

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