About the Business
Noventa Energy Partners is a renewable energy company that provides reimagining energy™ services, which aim to help organizations significantly reduce their carbon offsets and fight climate change. Noventa’s innovative products and services help businesses cut costs and meet government C02 objectives. Drawing upon the company’s portfolio of cleantech solutions, Noventa is challenging conventional practices to improve North America’s energy systems.
About the Loan
Vancity Community Investment Bank (VCIB) provided Noventa Energy Partners with a $15.3M senior secured loan to finance the construction and operation of the world’s largest wastewater energy transfer project, located at Toronto Western Hospital. The $39.6M project has secured funding from both the public and private sectors, including a $19.3 million loan from the Canada Infrastructure Bank and $3.3M grant from the Government of Canada’s Low Carbon Economy Fund.
About the Impact
As a values-based bank, VCIB is committed to accelerate Canada’s transition towards a net-zero economy. Over the next 30 years, Noventa’s wastewater energy transfer technology will produce enough thermal energy to supply 90% of the hospital’s heating and cooling needs and will reduce its carbon emissions by a quarter of a million tonnes. This is one of the first projects of this scale to use raw municipal wastewater from a sewer to provide low carbon heating and cooling to a building, which serves as a testament to the impact reimagining energy can have in supporting a sustainable tomorrow.