Industry News

GlobeNewswire

Summary

RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) is pleased to provide an update on its environmental sustainability initiatives. The Trust is also proud to announce its 2022 GRESB Assessments results and BOMA awards, highlighting the strength of its ESG program.

“Responsible stewardship is essential to protecting and maximizing long-term value. Whether they relate to existing assets or developments, our environmental sustainability initiatives are critical in transitioning to a low carbon economy,” said Jonathan Gitlin, President and Chief Executive Officer of RioCan. “RioCan is proud to lead the way in integrating ESG best practices in everything we do. We continue to make progress and it’s an honour to be recognized for our ESG achievements as exemplified by our 2022 GRESB Assessments and recent BOMA awards.”

• Strategic Partnership with Enwave for District Energy and GeoThermal – To accelerate RioCan’s capacity in designing and developing new sites that are climate resilient and low carbon, RioCan and Enwave Energy Corporation (“Enwave”) have established a strategic partnership. The partners will explore sustainable energy solutions and utilities to accelerate geothermal or district energy projects at certain of RioCan’s development projects. One of the first projects under this partnership is the approximately 1.3 million square foot mixed-use development project at RioCan Leaside Centre in Toronto. For this project, the partners will incorporate geothermal energy systems, an energy-efficient technology that uses far less energy and produces significantly less greenhouse gases than traditional HVAC systems.
  
  Enwave is the leading district energy provider in North America, best known for operating the world-renowned deep lake water cooling system in Toronto, as well as a number of other district energy and geothermal systems. Enwave and RioCan have previously partnered in the development of the innovative district energy and energy storage system at The Well™. In addition to the Enwave projects, RioCan has also deployed geothermal technology at the two rental residential buildings in its Frontier community in Ottawa.