SOFIAC benefits from major investments for large-scale energy efficiency retrofit projects
“We will be the link between available capital and clean energy market forces.”
By Anthony Capkun
January 30, 2022 – Last fall, SOFIAC (Société de financement et d’accompagnement en performance énergétique du Québec s.e.c.) reported it closed its financing package, saying these investments make SOFIAC the largest energy efficiency initiative in Canada.
The investments of up to $200 million by the Canada Infrastructure Bank (CIB) and up to $60 million by Fiera Private Debt will enable commercial, industrial and multi-residential buildings in Quebec to be modernized and their GHG emissions reduced, says SAFIAC.
“We are pleased to announce our investment in SOFIAC, an innovative financing model that will enable large-scale retrofit projects to be carried out with no upfront investment from building owners,” said Ehren Cory, president & CEO, Canada Infrastructure Bank. “This is a promising initiative that fits perfectly with the $2-billion Green Infrastructure Initiative, and will have a long-term material impact on infrastructure and economy in Canada.”
Launched in January 2021, SOFIAC is an initiative of Econoler and Fondaction, with the support of the Ministère de l’Énergie et des Ressources naturelles du Québec (MERN).
“Because of these major investments, SOFIAC will continue to develop as an innovative mechanism for breaking down barriers that could impede the implementation of energy efficiency projects for buildings in Quebec’s private sector,” said Pierre Langlois, president, Econoler. “SOFIAC will considerably accelerate the implementation of energy efficiency measures in Quebec businesses and will play a key role in ensuring an efficient and profitable energy transition.”
Fondaction will invest up to $30 million in share capital, while MERN is granting a subsidy of $5.5 million.
The energy cost reduction target ranges from 25% to 40% per project. This should reduce GHG emissions by 30% to 50%, resulting in the complete decarbonization of these buildings, says SOFIAC.
The deployment of SOFIAC’s projects is part of the effort to reach the target of the Quebec government’s 2030 Energy Policy, which aims to enhance energy efficiency by 15% and reduce the amount of petroleum products consumed by 40%.
“We will be the link between available capital and clean energy market forces,” said Michel Méthot, general manager, SOFIAC. “With our turnkey offer and our sound expertise in cleantech deployment, we are breaking down barriers today and enabling our clients to acquire leading-edge facilities that are key to decarbonizing our economy.”