Real estate company Morguard has established the $145 million Morguard ReNew Fund, a new investment initiative aimed at financing energy-efficiency improvements across approximately 30 multi-suite residential and commercial properties in Canada.
The fund brings together equity commitments from Morguard and its investors with a $100 million loan from the Canada Infrastructure Bank (CIB) through the bank’s Building Retrofits Initiative.
The financing will allow Morguard to carry out deep energy retrofits at selected multi-suite residential, retail, office and industrial properties. Participating buildings are expected to target a minimum 30 per cent reduction in emissions, according to a company release.
The planned work will focus on improving building performance and operational efficiency while lowering both energy consumption and emissions.
Projects are expected to include the optimization of building systems and mechanical equipment, as well as fuel switching to lower-carbon heating and hot-water solutions. Measures will include technologies such as heat pumps and district energy.
Once the planned upgrades are completed, the participating properties are expected to achieve annual emissions reductions of approximately 35,246 tonnes of carbon dioxide equivalent (CO₂e).
Morguard will work with NERVA Energy, a Canadian multidisciplinary engineering firm specializing in energy performance, to design and implement the retrofit projects, the release adds.
