Efficiency Capital and CLEAResult to Launch $75 Million Initiative for Commercial Energy Upgrades

November 1, 2023

Commercial building owners in Alberta and Saskatchewan will be able to upgrade their buildings with energy-efficient solutions and zero upfront costs. Efficiency Capital, Canada’s first Energy-as-a-Service company, has partnered with CLEAResult, one of the nation’s major energy efficiency solutions providers, to launch this innovative initiative.

Businesses in Alberta and Saskatchewan can complete energy efficiency upgrades without any upfront capital. The investment is paid back over time from the savings generated, resulting in increased building values and positive cash flows from day one. In addition to access to preferred project capital, businesses will also enjoy the support of an expert project team to help manage the project’s implementation, leaving building owners to focus on what matters most—their business operations.  

Qualifying projects will undergo a diverse range of energy retrofits, including—but not limited to—building envelope improvements, on-site renewable energy generation, and fuel switching for retail spaces, warehouses, accommodation, and food service facilities. 

“Our biggest challenge is that there’s so much money available, and not enough businesses are taking advantage of it,” Keri Macklin, CLEAResult’s Vice President of Decarbonization, explained. “Deploying this much capital for energy conservation as quickly as we plan to has never been done, and we’re excited to make it happen.”   

Efficiency Capital, which has a significant track record of deploying capital for energy upgrade projects across the country, will bring in the required funding and project management capability, while CLEAResult will leverage its experience and reputation as a leading program execution partner to identify, plan, leverage funding programs and support the execution of these projects.  

“Energy efficiency and economic stimulus go hand in hand,” says Chandra Ramadurai, CEO of Efficiency Capital. “We’re thrilled to provide capital and turn-key execution for these cash flow-positive projects that Alberta and Saskatchewan building owners can use as an opportunity to lower energy costs in their facilities while creating jobs and environmental benefits that support the whole community.”  

Applications to the program’s first cohort were accepted until 31 October 2023. To find out more, visit https://www.clearesult.com/canada/programs/energy-efficiency-retrofit-program.