TORONTO — The is expanding its Building Retrofit Initiative (BRI) by forming a $100 million partnership with Scotiabank to finance deep energy retrofits across Canada.
The loans to building owners will support the modernization of their assets and reduce their environmental impacts, states a release.
Scotiabank clients, including owners of commercial, industrial, office and multi-residential buildings, will now be able to access low-cost, flexible financing to undertake upgrades that cut emissions by at least 30 per cent.
Eligible projects include: building envelope improvements, heating and cooling system upgrades, automation and fuel switching, lighting and electrical system upgrades and the installation of electric vehicle charging infrastructure.
According to the release, Scotiabank will identify commercial property owner clients who are motivated to undertake energy efficiency retrofits. Scotiabank will also administer the loans on behalf of the partnership.
This marks the CIB’s second partnership with a Canadian financial institution under its BRI.
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