Greater Montreal Climate Fund and Efficiency Capital announce program to decarbonize mid-rise buildings

A new program called MultiRés aimed at decarbonizing buildings in the Communauté métropolitaine de Montréal was announced today at the Sommet Climat Montréal. The program will offer owners and residents of older, fossil-fuel-heated buildings between 6 and 50 units in the Greater Montreal area rapid methods to decarbonize, reduce costs and deliver a variety of related benefits to their buildings.

The Greater Montreal Climate Fund (GMCF) program is created through a partnership with Efficiency Capital, and is made possible by a generous donation of $5 million from the Trottier Family Foundation to the GMCF, in support of Montreal’s decarbonization goals.

FCGM and Efficiency Capital combine private and public capital to increase the value of their clients’ buildings and further promote investment in the sector. Efficiency Capital is providing more than $100 million in capital for the project, including financing from several banks and other impact investors. Renovations will begin this summer with pilot projects, with full program implementation to follow early next year.

A turnkey project and program to help owners decarbonize, for the benefit of residents

Aimed at medium-sized buildings in the 82 municipalities of Greater Montreal, the program offers flexible financing of up to 100% of the cost of renovations, as well as other measures to alleviate the financial and administrative headaches that owners normally have to deal with. The terms and conditions are more attractive than those on the market, delivering value, affordability and environmental returns to homeowners and residents alike.

To achieve this, MultiRés will undertake major renovations, such as replacing heating systems, taking advantage of energy savings to help address affordability issues and decarbonizing. Owners will benefit from technical expertise, personalized support, the opportunity to choose their contractor and a hassle-free turnkey solution, thanks to specialized local partners.

About the Greater Montreal Climate Fund

The Greater Montreal Climate Fund is the local hub of the LC3 network in the Greater Montreal region. Its mission is to encourage, catalyze and organize players in the business, community and financial sectors, including private and public capital, to transform markets in favor of decarbonization and for the benefit of communities in the 82 municipalities of Greater Montreal.

About Efficiency Capital

Efficiency Capital (EC) is Canada’s leading energy-as-a-service company. It develops, finances and manages zero-emission projects in the built environment. Conceived by the Atmospheric Fund (TAF) – a local climate organization at the heart of the LC3 network in the Toronto and Hamilton area, EC aims to increase ongoing third-party capital investment in such projects by leveraging strategic partnerships with several banks, TAF, impact investors, community foundations and other organizations to drive the transition to a low-carbon economy. EC has over $100 million in low-cost project financing available for the implementation of fully financed, risk-mitigated, turnkey decarbonization solutions.

About the Trottier Family Foundation

The Trottier Family Foundation was established to make a significant impact and improve the lives of Canadians. As such, the Foundation supports scientific discovery projects, the advancement of education, climate change mitigation and environmental protection, improved healthcare and patient quality of life, as well as a variety of community and international projects.