By Anthony Capkun
February 5, 2021 – To facilitate and accelerate the implementation of energy efficiency projects in Quebec businesses, Econoler and Fondaction—along with support of the Quebec Ministry of Energy & Natural Resources—have joined forces to create SOFIAC (la Société de financement et d’accompagnement en performance énergétique).
(Loosely translated by Google: the energy performance financing and support company.)
“The objectives that SOFIAC pursues echo the 2030 Plan for a Green Economy and the 2018-2023 Energy Transition, Innovation and Efficiency Master Plan by focusing on non-traditional forms of financing to support the energy transition,” said Minister Jonatan Julien.
“In that respect, we must raise awareness of the importance of this new key player’s mission in energy modernization, and support it to build a Quebec that is increasingly focused on energy efficiency and green energy,” Julien added.
SOFIAC is the first organization in Canada to offer such a financial and technical approach for putting in place energy efficiency measures for commercial and industrial sector businesses, says the organization.
“Many businesses are determined to improve their carbon budget through energy efficiency, but they lack time, expertise and sufficient financing to take the plunge,” said Geneviève Morin, president & CEO, Fondaction. “SOFIAC’s innovative concept is an unprecedented tool that enables them to implement such projects and benefit from the savings they generate from Day One.”
With SOFIAC’s assistance, businesses reduce their costs and environmental impact without having to use their financial capacity. Energy efficiency projects are paid for entirely on the basis of sharing the savings generated by the projects, which implies that a net annual gain in terms of profitability and cash assets is generated for the beneficiaries.
The service offer is aimed at businesses whose overall energy costs (all sites and energy sources combined) are more than $1 million annually. SOFIAC plans to provide financing for projects of more than $150 million over five years.