About the Loan
In VCIB’s latest financing with Geox Energy Ltd., and its development partner, Hotham Group, VCIB provided $3.81 million to finance the acquisition of two geoexchange systems in Chilliwack, British Columbia. Both systems have an open loop design that pumps water from naturally recharging aquifers through subsurface pipes beneath each home. These geoexchange projects have been operational for almost 15 years and are the sole source of heating and cooling for 246 residential properties (in Websters landing and Stoney Creek Ranch).
About the Impact
The heating and cooling technology known as geoexchange, but often referred to as geothermal, “has been around for decades in its modern form,” says Jonathan Frank, Head of Clean Energy at VCIB. Unlike deep geothermal systems that extract high-temperature heat from kilometres below the earth’s surface, residential and commercial systems use ground-source heat pumps to tap into temperature differentials, typically at a depth between 45 to 120 metres (150 to 600 feet).
This thermal energy is available year-round and offers an incredibly efficient way of heating and cooling buildings. The geoexchange systems financed by VCIB have delivered stable revenues and low operating costs over the past 15 years, while mitigating greenhouse gas emissions by nearly 554 tonnes of carbon dioxide annually when compared to traditional heating and cooling systems (I.e., natural-gas furnaces and traditional air conditioning units).
Click here to learn more about VCIB’s financing for geoexchange projects.