Investing to expand low-carbon district energy
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Enwave provides district energy services in five Canadian cities. By harnessing a local energy source to provide heating and/or cooling to several customers from a central plant, its scalable low-carbon energy solutions offer a number of benefits. They include energy efficiency, stability of supply and more predictable costs. Enwave’s Deep Lake Water Cooling System in Toronto is the largest of its kind, harnessing the very cold waters at the bottom of Lake Ontario to cool more than 100 commercial, public and residential buildings. Enwave’s other projects include a geothermal energy system serving hundreds of homes in Markham, Ont., a project that converts municipal waste to energy in Charlottetown, PEI, and a massive thermal energy storage facility in Toronto that will be the first of its kind in Canada.
Investing in Enwave in 2021 gave us the opportunity to own a world-class infrastructure project in our home base of Canada. We were attracted to its long-term contracts with customers, which help us generate steady returns for our members. And with cities consuming over 75% of the world’s energy, expanding low-carbon district energy will help building operators and cities advance their decarbonization goals. Since it aggregates energy demand across multiple buildings, and leverages technologies that wouldn’t be accessible to just one building, the most significant benefit of district energy is scale. By eliminating the need for heating and cooling systems in individual buildings, Enwave’s solutions boost energy efficiency and enable customers to regain square footage, positively impacting their bottom line.
Ontario Teachers’ investment will help support Enwave’s future growth and its efforts to decarbonize its own operations. In 2023, Enwave broke ground on a low-carbon heating facility in Toronto, which will recycle waste heat to produce hot water via electrified technologies, connecting to the company’s existing energy grid. This project has the potential to decarbonize the equivalent of about 10 million square feet of space in Canada’s largest city.
Well, there's a tremendous alignment on values when you think about energy and you think about the energy transition as being a long term and big, big goal for society. Ontario Teachers’ Pension Plan has shown us and demonstrated to us that patient capital and big aspirations is what they're looking for. And that's a huge alignment for what we need to be able to service our stakeholders out here in Toronto and all the cities that we serve.
Enwave Senior VP Commercial Operations Amy Jacobs explains district energy
Enwave CEO Carlyle Coutinho discusses scalability of district energy and deep lake water cooling
Enwave executives on supporting customers’ decarbonization targets and improving efficiencies
