Investment will reduce carbon emissions by more than 80 per cent
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KINGSTON, ON, Oct. 6, 2022 /CNW/ - The Canada Infrastructure Bank (CIB) and Modern Niagara Group Inc. (Modern Niagara) announced an agreement to retrofit 945 Princess Street in Kingston, Ontario. The CIB is committing $25 million in financing towards the large-scale retrofit of the 220,000 square-foot commercial building.
Through the CIB's financing, the commercial space will be upgraded to reduce carbon emissions by more than 80 per cent or approximately 2,000 tonnes annually. By replacing the building's existing fossil-fuelled heating system with electrified systems such as heat pumps and enhancing its operation control system and insulation, the retrofit will help transform this building from the 1940s into a leading energy efficient and sustainable innovation hub.
Through the creation of a greener and future proof facility to attract prominent tenants, the CIB's investment supports 945 Princess Street's green initiative. It also supports the City of Kingston's goal to reduce carbon emissions in the region, while advancing economic opportunities.
Modern Niagara helps building owners, managers, and general contractors achieve their objectives by developing custom, turnkey solutions that meet the mechanical, electrical, integrated building technology, and building services needs of their properties across Canada.
Construction for the retrofit project has begun and is expected to be completed by 2024.
We are proud to provide tailored financing solutions to organizations, municipalities and businesses across Canada, helping them advance their green projects and meet their sustainability targets. Not only will this partnership with Modern Niagara result in significant carbon reductions, it will also advance the creation of an innovation hub in Kingston which will attract jobs and prominent tenants to the community for years to come.
Ehren Cory, CEO, Canada Infrastructure Bank
We are looking forward to partnering with the Canada Infrastructure Bank to support our clients becoming greener and moving towards net-zero carbon buildings. This investment will help our client at 945 Princess Street achieve their sustainability goals more quickly and efficiently. We are passionate about building sustainability, and in 2022 alone, we are committed to reducing our carbon footprint from the energy consumption of our corporate office buildings in Ontario by 30%, based on 2019 benchmarks. We are excited to continue offering our clients carbon reduction solutions to help them meet their building sustainability objectives.
Brad McAninch, Chief Executive Officer, Modern Niagara Group Inc.
Energy retrofits of buildings are pivotal in removing carbon from the atmosphere. Through this innovative investment, the Canada Infrastructure Bank is building greener commercial spaces to create a more sustainable Canada and advance the creation of jobs. These upgrades will bring this facility up to the latest standards of energy efficiency and reduce operating costs.
Mark Gerretsen, Parliamentary Secretary to the Leader of the Government in the House of Commons and Member of Parliament for Kingston and the Islands on behalf of the Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities.
Through its Building Retrofits Initiative (BRI), to date the CIB has committed more than $800 million toward building energy retrofits.
The CIB seeks to invest up to $5 billion into green infrastructure which supports climate change action and sustainable economic growth.
The CIB's investments are subject to approval by its Board of Directors.
SOURCE Canada Infrastructure Bank
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