July 12, 2022 By Anthony Capkun
July 12, 2022 – Previously a Quebec-only player, SOFIAC announced it will now offer its financial and technical resources for energy efficiency measures in commercial and industrial sector businesses across Canada.
La Société de financement et d’accompagnement en performance énergétique (SOFIAC) was launched in January 2021 to facilitate and accelerate the implementation of energy efficiency projects in Quebec businesses.
(Loosely translated by Google, SOFIAC means “the energy performance financing and support company”.)
Within the framework of today’s announcement, a consortium headed by Desjardins Global Asset Management (DGAM)—and comprising the Desjardins Group Pension Plan, Desjardins Financial Security and DGAM Global Private Infrastructure Fund II LP—is joining SOFIAC’s investors.
Owners of buildings with overall annual energy expenditures of their portfolio totalling over $500,000 will now be able to tap SOFIAC’s solutions.
SOFIAC claims it is already the largest energy efficiency initiative in Canada, helping the owners of commercial, industrial, and multi-residential buildings modernize their buildings, decrease GHG emissions and, as a result, significantly reduce their energy expenditures.
The implementation mechanism does not require the beneficiary (owner) to make any initial investment, in addition to enabling access to available subsidy programs and other tax benefits related to asset improvement.
As part of the nationwide expansion, SOFIAC welcomes Stuart Galloway as executive vice-president and Ivan Gerginov as director of operations to its management team. They are responsible for business development in Ontario and Western Canada.
Galloway previously served as CEO at Energy Services Association of Canada, while Gerginov served for several years as Sector Lead, Sustainable Finance, for Econoler.
Michel Méthot, who has been responsible for SOFIAC’s development since the beginning, has been appointed executive vice-president for Quebec and Eastern Canada.
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