Canada Infrastructure Bank signs Memorandum of understanding with the City of Richmond’s Lulu Island Energy Company

Canada Infrastructure Bank (CIB) and Lulu Island Energy Company today announced the signing of a Memorandum of Understanding (MOU) formalizing their collaboration to develop a new district energy project in Richmond, British Columbia.

This is the Canada Infrastructure Bank’s first opportunity to partner on a project in British Columbia. The CIB 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.

Lulu Island Energy Company is a municipal corporation wholly-owned by the City of Richmond established to implement and operate district energy utility systems across the city in British Columbia’s Lower Mainland. The City of Richmond saw the benefits of district energy in meeting sustainability goals within its Community Energy and Emissions Plan and implemented three district energy utilities (DEU): the multi-award winning Alexandra DEU; the Oval Village DEU which services the waterfront community around the world renowned Richmond Olympic Oval; and the City Centre DEU. …

“The City of Richmond 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. As an important component of Richmond’s community planning, district energy systems provide sustainable and economic energy sources. 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.”

– Malcolm Brodie, Mayor, City of Richmond

Read Full Story