The focus on energy & sustainability performance for business has never been stronger. Costs and global warming risks which are driven by energy, water, and waste continue to increase. For owners of multi-family real estate portfolios these costs are material and represent some of their highest controllable expenses.
Avenue Living, wanted to realize the many benefits of a corporate sustainability program focused on deep emissions reductions. As institutional investors, governments, and community members look to buildings as a key area for emissions reduction, funding and investment is increasingly tied to ESG performance, particularly greenhouse gas emissions performance. With a portfolio consisting of 14,000+ rental units, in more than 450 buildings, across Western Canada, the challenge of initiating and implementing such an undertaking was significant.
Avenue Living engaged Catalys to develop a comprehensive emissions reduction strategy for the portfolio of multi-family buildings and to align the efforts with a $120 million + low interest loan available to finance such efforts.
Low Intrest rate loan received
For deep energy retrofits
Catalys created a program governance framework, developed a pilot evaluation to determine the key metrics of viability for deep emissions reductions at the client’s properties, and identified the critical datasets required for program success. Based on the comprehensive framework, a full-scale business plan was developed for deep energy retrofits at more than 220 buildings in Saskatchewan and Alberta.
Avenue Living was able to leverage the program and business plan into a $120 million loan from the Canada Infrastructure Bank. For further details please see: https://cib-bic.ca/en/medias/articles/cib-commits-120-million-to-avenue-living
Catalys continues to work with Avenue Living to advance the deep emissions reduction program, using the actio platform to manage program processes and data, and to ensure the best decisions are made for each investment.