First retrofit financed by CIB earns IREE certification
January 3, 2023
Energy and operating cost savings are used to repay project financing.
Real estate company Dream’s redevelopment of an office tower at 366 Bay Street in Toronto recently became the first retrofit project financed by the Canada Infrastructure Bank (CIB) to achieve Investor Ready Energy Efficiency (IREE) certification.
Administered through the Canada Green Building Council (CaGBC), IREE certification is a necessary step in securing funding under CIB’s Building Retrofits Initiative Rating System and Standard. Its goal is to increase investor confidence by providing third-party verification that retrofit projects meet their intended energy-efficiency targets. Project developers using IREE can benefit from a consistent approach to and best practices for project development.
“As the first of its kind, IREE plays an important role in verifying and supporting building retrofits across Canada to reduce carbon emissions,” says CaGBC president and CEO Thomas Mueller.
CIB’s initiative finances the capital costs of building retrofits, using energy savings and operating cost savings for repayment, as part of large-scale decarbonization investments. The newly certified 366 Bay Street is one of 19 Dream properties in Ontario and Saskatchewan that have received $136.6 million from CIB for their modernization and decarbonization.
“By providing attractive financing options and partnering with the private sector, we can serve as the link to ensure meaningful action is taken to enhance the energy efficiency of buildings,” says CIB CEO Ehren Cory.