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Canada Infrastructure Bank and Lulu Island Energy Company have signed a memorandum of understanding on a longterm project to expand Richmond’s district energy systems.
Photo courtesy City of Richmond
City to look at potential energy expansion
A major new district energy project may be in the works for Richmond.
A major new district energy
project may be in the works for Richmond.
Pending approval by city council,
the Lulu Island Energy Company will join forces with the Canada Infrastructure
Bank on an initiative to expand the city’s current district energy systems from
330,000 square meters (3.6 million square feet) to more than 4.7 million square
metres (50 million square feet) over an extended timeline.
An important component of
Richmond’s community planning, district energy systems provide sustainable and
economic energy sources, says Richmond Mayor Malcolm Brodie.
“Partnering with Canada
Infrastructure Bank on our City Centre district energy utility is an excellent
opportunity to further our energy efficiency and resiliency for many years to
come,” he says.
Brodie notes the city has
received international recognition for its leadership in developing district
energy systems designed to reduce carbon emissions, while delivering an
affordable and reliable heating and cooling source for thousands of residents,
commercial and institutional users.
A memorandum of understanding was
signed Thursday, Aug. 1 between the Lulu Island Energy Company and Canada
Infrastructure Bank formalizing their collaboration. This is the bank’s first
opportunity to partner on a project in B.C.
“District energy is aligned with
federal government and CIB priorities to invest in green infrastructure and
there is potential for this project to reduce greenhouse gas emissions,” says
Pierre Lavalee, president and CEO of Canada Infrastructure Bank. “This is a
tremendous opportunity for CIB to expand work with an innovative municipality
and develop a project that can combine both public and institutional
investment.”
Francois-Philippe Champagne,
Canada’s federal minister of infrastructure and communities, says the Canada
Infrastructure Bank is playing a leading role in new infrastructure projects
that have a positive impact on the environment and on communities.
“The CIB’s infrastructure
expertise and its advisory function will be crucial to this partnership with
Lulu Island Energy Company and the City of Richmond,” he says.
CIB is focused on
transformational projects that are in the public interest including green
infrastructure. As a Crown corporation, it is mandated to use $35 billion in
federal funding to attract private sector and institutional investment to new
revenue-generating infrastructure projects.
A municipal corporation
wholly-owned by the City of Richmond, Lulu Island Energy Company was
established to implement and operate district energy utility systems. City
officials saw the benefits of district energy in meeting sustainability goals
within its Community Energy and Emissions Plan and implemented three district
energy utilities: the multi-award winning Alexandra; Oval Village (which
services the waterfront community around the world-renowned Richmond Olympic
Oval); and the City Centre. Canada Infrastructure Bank has specialized
infrastructure expertise and this project is consistent with its mandate to
advise on and potentially invest in green infrastructure projects that are in
the public interest.
The City of Richmond’s official
plan calls for higher density and mixed use buildings in future residential and
commercial development. As a result, the city will benefit from low carbon
energy sources on an expedited basis that would provide heating and cooling to
buildings in the region. Lulu Island
Energy Company’s district energy
system will use zero-carbon sewer heat recovery technology to extract heat from
the local sewer force main once the system is fully built out.
The memorandum of understanding
confirms Canada Infrastructure Bank and Lulu Island Energy Company will conduct
further due diligence and financial structuring work regarding a potential new
district energy system concession agreement with Corix Utilities, a leading
provider of sustainable energy and environmental management solutions across
Canada, the U.S. Lulu Island Energy Company and Corix Utilities are currently
developing the Oval Village District Energy system, where Corix is responsible
for the design, construction, financing, operations and maintenance of the
system, while the City of Richmond is regulating and setting rates for
customers.
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