Approximately 14,000 suites to undergo energy efficient and carbon reduction
measures
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Canadian Apartment Properties Real Estate Investment Trust (CAPREIT)
(TSX: CAR.UN) to lead large-scale upgrades focused on enhanced energy conservation and
carbon reductions.
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Approximately 60 multi-unit residential buildings across
Canada will undergo retrofitting.
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Projects expected to result in a significant reduction of carbon emissions
annually.
TORONTO, May 01, 2024 (GLOBE NEWSWIRE) -- The
Canada Infrastructure Bank (CIB)
has reached financial close on a $70 million loan to
CAPREIT
to finance deep energy and decarbonization upgrades at selected buildings.
Installation of new energy conservation equipment is planned to benefit
residents living in approximately 14,000 suites.
The projects are expected to result in the significant reduction of
greenhouse gas (GHG) emissions annually, with an estimated 40 per cent
average decrease in emissions across the retrofitted properties. Building
upgrades include energy recovery among various mechanical systems,
installation of high-efficiency electric heat pumps, as well as building
automation systems, lighting retrofits and sub-metering.
The retrofitting of existing buildings, which represent a sizeable
proportion of GHG emissions across Canada, is critical to the achievement of
the country’s climate-related plans and targets.
The CIB loan, which is part of its Building Retrofits Initiative, helps to
close economic gaps associated with deep energy retrofit projects that are
not typically economically viable with traditional sources of capital.
The loan contains tenant protections which prevent rent increases and the
imposition of additional utility burdens on existing tenants. CAPREIT is a
leader in affordable rental housing in Canada, and invests heavily in its
properties to make homes safer, healthier and reduce energy consumption.
To date, the CIB has invested more than $1.2 billion in sustainable building
retrofits across the country.
"Working with CAPREIT to fund deep energy and decarbonization retrofit
projects will help improve the living experience for thousands of their
residents in Canada," commented Ehren Cory, CEO, Canada Infrastructure
Bank. "The CIB’s loan will also help to tackle the reduction of a key source
of greenhouse gas emissions, which is essential to contributing to the
achievement of Canada’s climate change goals."
"As a leader in affordable rental housing, CAPREIT is also working to reduce
the carbon footprint of its properties across the country," added The
Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.
"The energy retrofits to CAPREIT’s rental properties will reduce energy
costs and make them safer and more comfortable for their tenants across
Canada. Through the CIB’s Building Retrofits Initiative, CAPREIT is doing
its part to help us achieve our goal of net-zero by 2050."
"We’re thrilled to have been able to partner with the CIB and participate in
their Building Retrofits Initiative, an important program in place to
benefit both residents as well as the environment through projects that
wouldn’t have been financially feasible otherwise," said Mark Kenney,
President and CEO of CAPREIT. "This loan will enable us to proceed with
retrofitting approximately one-third of our existing Canadian apartment
portfolio, which will significantly reduce its carbon emissions annually.
Through the CIB, we’re pleased to be contributing to the achievement of
Canada’s climate-change commitments while also making meaningful progress on
our own, and we’re excited to continue this vital energy conservation work.
CAPREIT remains proud to be a provider of affordable housing for Canadians."
Media Contacts:
Canada Infrastructure Bank
media@cib-bic.ca
416-347-3358
CAPREIT
media@capreit.net
Source: Canadian Apartment Properties Real Estate Investment Trust