Enwave Energy, a global leader in fully integrated district energy services, announced this Wednesday it has closed a $1,4 billion agreement with the Canada Infrastructure Bank to accelerate district energy projects in Toronto and Mississauga.
Particularly, the CIB will invest $600 million after the agreement; which will allow Enwave to scale and accelerate the development of district energy technology.
Moreover, these projects will help decarbonize the real state sector in Canada by interconnecting the energy needs of buildings; then deploying sustainable technologies for the network, such as wastewater heat recovery and Geoexchange.
The projects would help reduce the typical electricity consumption by 80% and related carbon emissions by around 60 percent. Therefore, district energy solutions are suitable for reaching decarbonization targets, delivering economic benefits at the same time.
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Enwave Energy pushing forward Canada’s energy transition
In addition, Enwave will also expand and enhance the efficiency of its existing low-carbon hot water district in Toronto, optimizing the base network. The new projects will also leverage Enwave’s top-notch design, construction, operation, and maintenance capabilities.
About the matter, Carlyle Coutinho, Enwave’s CEO, said. “This investment from the CIB will be the catalyst for accelerating impactful low carbon energy projects. In collaboration with the City of Toronto and City of Mississauga, Enwave is committed to deploying advanced and innovative low carbon energy solutions at scale, enabling a leap forward in the energy transition.”
Furthermore, when fully deployed, Enwave’s projects will reduce GHG emissions by more than 67,000 tons each; while creating jobs for the surrounding communities. “Tackling climate change and reaching net-zero by 2050 requires strong action, including making our buildings more energy-efficient.” Dominic LeBlanc, Minister of Intergovernmental Affairs, commented.
Finally, Ehren Cory, CEO, Canada Infrastructure Bank, said. “District energy projects align with our priority to invest in clean energy infrastructure which reduces greenhouse gas emissions. As world leaders focus on global climate action, our innovative investment is a tremendous opportunity to make urban communities greener and more sustainable.”
