The Canada Infrastructure Bank (CIB), Lulu Island Energy Company (LIEC) and Corix Infrastructure Inc. (Corix) have achieved financial close on a district energy expansion project in the City of Richmond, British Columbia.
Under the agreement, the CIB will provide $175 million in financing for the LIEC City Centre District Energy Utility project. It will enable expansion to more than 170 new residential and mixed-use commercial development sites in the area by 2050, using low-carbon heat recovered from the Gilbert Road regional sewer system.
When complete, the project is expected to reduce greenhouse gas emissions by one million tonnes by 2050, with the amount of connected space to the district energy system increasing 10–fold to 50 million square feet.
Corix will provide expertise in district energy management and be responsible for the design, construction, financing, operations and maintenance of the City Centre system. Corix has been LIEC's partner since 2014 in the delivery of the Oval Village District Energy Utility under a previous agreement.