CIB to provide $70 million financing to CAPREIT to retrofit 60 multi-residential buildings

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[{"type":"text","content":"\n \n \n \n CIB to provide $70 million financing to CAPREIT to retrofit 60 multi-residential buildings\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Approximately 14,000 suites to undergo energy efficient and carbon reduction measures\n \n \n \n \n Disponible en français\n \n \n \n \n \n Canadian Apartment Properties Real Estate Investment Trust (CAPREIT)\n \n (TSX: CAR.UN) to lead large-scale upgrades focused on enhanced energy conservation and carbon reductions.\n \n \n Approximately\n \n 60 multi-unit residential buildings\n \n across\n \n Canada\n \n will undergo retrofitting.\n \n \n Projects expected to result in a significant reduction of carbon emissions annually.\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 1, 2024\n \n \n /CNW/ - The\n \n Canada Infrastructure Bank (CIB)\n \n has reached financial close on a\n \n $70 million\n \n loan to\n \n CAPREIT\n \n 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.\n \n \n \n \n \n \n \n \n \n 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.\n \n \n The retrofitting of existing buildings, which represent a sizeable proportion of GHG emissions across\n \n Canada\n \n , is critical to the achievement of the country's climate-related plans and targets.\n \n \n 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.\n \n \n The loan con...

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