On May 1, 2023, the Canada Infrastructure Bank (CIB) and Ameresco Canada Inc. (Ameresco) reached financial closure on an agreement in which the CIB committed up to $100 million for energy-efficient building upgrades. This funding aimed to support Ameresco-led energy retrofits for decarbonizing commercial and industrial buildings throughout Canada.

Ameresco, a leading cleantech integrator, project developer, owner, and operator, was responsible for identifying and managing these upgrade projects. The CIB's investment was channeled into these endeavors, allowing customers to benefit from Ameresco's expertise and solutions in advancing towards decarbonization objectives.

The financed projects included various energy retrofits, such as LED lighting conversion, high-efficiency electrified HVAC systems, onsite solar plus battery storage, and other technologies aimed at reducing greenhouse gas (GHG) emissions. These retrofits were designed to offer significant energy reductions, benefiting Canadian businesses and the overall economy.

Upon completion, the CIB's involvement in upgrading these buildings was expected to cut annual greenhouse gas emissions by an average of 33,000 tonnes of CO2e. This reduction was crucial, as buildings contribute to 18% of Canada's greenhouse gas emissions. Modernizing these facilities is key to achieving climate change goals.

The investment was a part of the CIB's Building Retrofits Initiative (BRI), focused on providing long-term investments to enhance the energy efficiency of existing buildings.