Morguard has announced the establishment of the $145 million Morguard ReNew Fund, a new investment initiative that will support energy-efficiency upgrades in approximately 30 properties comprised of both multi-suite residential and commercial properties in Canada, highlighting the company’s ongoing commitment to operational improvements to reduce energy and long-term operating costs across its owned and managed real estate portfolio.
“Establishing the Morguard ReNew Fund, with support from CIB, advances our ongoing efforts to strengthen the performance, efficiency and resilience of our properties over time,” said Angela Sahi, President and Chief Executive Officer, Morguard Corporation. “By implementing retrofit upgrades across selected assets, we are improving building operations, reducing emissions and continuing to position our portfolio for long-term value creation”.
The Morguard ReNew Fund combines equity commitments from Morguard and its investors with a $100 million loan from the Canada Infrastructure Bank (CIB) through its Building Retrofits Initiative. The investment will enable Morguard to undertake deep energy retrofits across selected multi-suite residential, retail, office and industrial properties, with participating buildings targeting a minimum 30 per cent reduction in emissions.
Through the ReNew Fund, Morguard will implement upgrades designed to improve building performance and operational efficiency while reducing energy use and emissions. Projects are expected to include the optimization of building systems and mechanical equipment, as well as fuel switching to lower-carbon heating and how water solutions, including heat pumps and district energy.
Once implemented, the upgrades are expected to reduce annual emissions across participating properties by approximately 35,246 tonnes of carbon dioxide equivalent (CO₂e), a standard measure used to quantify greenhouse gas emissions.
Morguard will work with NERVA Energy, a Canadian multidisciplinary engineering firm specializing in energy performance, to design and implement the retrofit projects. NERVA will serve as the technical and delivery partner for the program, providing integrated engineering and implementation services across participating properties.
“Delivering deep retrofits at scale takes strong collaboration between building owners, technical experts, and long‑term capital,” said Ehren Cory, CEO, Canada Infrastructure Bank. “Working with Morguard and NERVA Energy, we’re accelerating deep retrofits that reduce energy use, save owners long‑term operating expenses and cut emissions. With more than $1 billion committed through our Building Retrofits Initiative, we’re scaling partnerships that modernize Canada’s building stock.”
This is a clear example of where the industry is heading,” said Rob Hallewick, Chief Executive Officer, NERVA Energy. “Retrofit programs are no longer conceptual or fragmented, they are becoming structured, measurable and scalable. We are proud to support Morguard in delivering tangible performance improvements across their portfolio while advancing Canadian expertise in this space.”