Canada Infrastructure Bank invests $100 million with Ancala-backed Noventa to decarbonise buildings
The Canada Infrastructure Bank (CIB) and Ancala-backed Noventa Energy Partners (Noventa) have reached financial close on an investment towards sustainable retrofit projects.
Under the terms of the agreement, the CIB has committed a CAD 100 million loan for upgrades to heating and cooling systems performed by Noventa through an Energy-as-a-Service (EaaS) delivery model. Additional funding will be provided by way of private capital from Ancala Partners (Ancala) through Noventa.
Noventa’s EaaS model will help building operators manage capital and operating costs of upgrades. On average, Noventa’s solutions reduce building carbon emissions from heating by more than 70 per cent.
The retrofit projects will rely on Noventa’s customized Wastewater Energy Transfer™️ (WET™️) Systems, anchored by HUBER ThermWin®️ technology, which harness the thermal energy in wastewater to provide low-carbon heating and cooling to buildings. Noventa’s solutions also reduce emissions by using electricity more efficiently for cooling.
This investment is part of the CIB’s Building Retrofits Initiative (BRI), which provides long-term investments for building retrofits to modernize and improve the energy efficiency of existing buildings. With buildings currently accounting for 18 percent of Canada’s greenhouse gas emissions, modernizing these assets is critical to meeting Canada’s climate change goals.
Ancala is an experienced investor in critical infrastructure and has invested more than €500 million into renewable energy companies. In addition to Noventa, its existing portfolio includes HS Orka, the largest privately-owned energy generator in Iceland, food waste recycling specialist Biogen and biomass energy company Magnon Green Energy.
Dennis Fotinos, CEO, Noventa Energy Partners, commented:
“This funding commitment from CIB coupled with the financial support and resources of our major shareholder, Ancala, will allow us to execute on our Wastewater Energy Transfer™️ projects at the nine sites approved by Toronto City Council last year. Once commissioned over the next four years, these projects will achieve meaningful GHG emissions reductions, significantly less water consumption, and energy cost savings for our customers.”
Ehren Cory, CEO, Canada Infrastructure Bank, commented:
“Our Building Retrofit Initiative targets impactful upgrades of buildings across the country which reduce greenhouse gas emissions and help Canada reach its climate change goals. Our $100 million investment with Noventa and Ancala enables greener and more energy-efficient buildings, supports the deployment of innovative sustainable technologies, and creates jobs.”
Lee Mellor, Partner, Ancala Partners, commented:
“Dennis and his team at Noventa are uniquely placed to help building owners to significantly reduce their carbon emissions and heating costs while improving their energy ratings. Alongside the CIB, we look forward to working with the Noventa team to provide our capital and expertise to help grow the business. We are actively looking to invest in and support more exciting renewable energy specialists like Noventa.”