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OTTAWA – Real estate company Morguard has announced the establishment of the $145 million Morguard ReNew Fund, an initiative that will support energy-efficiency upgrades in approximately 30 properties comprised of both multi-suite residential and commercial properties in Â鶹´«Ã½Ó³»­.

The fund combines equity commitments from Morguard and its investors with a $100 million loan from the Â鶹´«Ã½Ó³»­ 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, reads a release.

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 (COâ‚‚e).

The company will be working with NERVA Energy, a Canadian multidisciplinary engineering firm specializing in energy performance, to design and implement the retrofit projects, the release adds.