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Allied, Enwave and Riocan to accelerate expansion of thermal energy system in Toronto
Allied, Enwave and Riocan to accelerate expansion of thermal energy system in Toronto ...
About this update from Riocan Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nAllied, Enwave and Riocan to accelerate expansion of thermal energy system in Toronto\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 8, 2018\n\n\n\nNew thermal energy storage tanks at 'The Well' development will provide year-round, low-carbon cooling and heating services to Toronto's downtown west. \n\n\n\nTORONTO, Feb. 8, 2018 /CNW/ - Allied Properties REIT (\"Allied\") (TSX: AP.UN), Enwave Energy Corporation (\"Enwave\") and RioCan REIT (\"RioCan\") (TSX: REI.UN) are joining forces to extend Enwave's existing Deep Lake Water Cooling and hot water distribution networks by building a new energy storage facility housed at The Well. The Well is a mixed-use residential, commercial and retail development by RioCan and Allied located in Toronto's downtown west. This joint undertaking will enable westward expansion of Enwave's system, providing both The Well and surrounding communities with access to sustainable cooling and heating solutions. This collaboration is the first one of its kind in Canada and the long-term business agreement will deliver value far into the future. \n\n\n \n \n\n \n\"This initiative is special in that three, forward-looking companies are collaborating and enabling pioneering ideas to be implemented at a scale greater than each company could achieve alone,\" said Carlyle Coutinho, President & COO, Enwave Canada. \"The development is a reflection of our joint commitment to build resilient, urban communities incorporating intelligent energy solutions and utilizing future-focused technologies.\"  \n\nThe thermal energy storage facility consists of two 6-million-litre tanks underneath The Well. The tanks will store temperature-controlled water fed by Enwave's existing Deep Lake Water Cooling system and a newly developed high-efficiency hot water network. It will expand the existing system's capacity with the ability to serve over 20 million square feet of commercial, retail and residential space. As an anchor site, the installation will serve The Well community, ...