Quebec-based energy services provider, SOFIAC, is stretching its reach to the rest of Canada with $185 million in seed capital to pursue decarbonization of commercial, industrial and multifamily buildings. Desjardin Global Asset Management (DGAM) is joining the now national venture, which was launched in 2021 with the backing of the labour-supported investment fund, Fondaction, the global energy advisory firm, Econoler, Canada Infrastructure Bank, Fiera Private Debt and the Quebec government.

“By 2040, the Desjardins Group aims to achieve net-zero emissions on extended operations and on the financing and investment activities of its own funds in three key carbon-intense sectors: energy, transportation and real estate,” advises DGAM president and chief executive officer, Nicolas Richard.

SOFIAC, an acronym for Société de financement et d’accompagnement en performance énergétique, provides a comprehensive suite of financial and technical services for deep energy retrofits, including upfront financing, in turn for a share of the generated savings. Retrofit projects target a 30 to 50 per cent reduction in greenhouse gas (GHG) emissions and an associated 25 to 40 per cent energy cost saving. To qualify, proponents must have portfolio-wide annual energy costs of at least $500,000.

With its expanded geographic outlook, SOFIAC has added Stuart Galloway as executive vice president and Ivan Gerginov as director of operations to steer business in Ontario and western Canada. Michel Méthot has been appointed executive vice president for Quebec and Atlantic Canada.

“We invite businesses throughout the country today to benefit from a unique financing and support offer that has proven its worth in Quebec,” says Geneviève Morin, president and chief executive officer of Fondaction.

Current clients include ADM Aéroports de Montréal, with projects underway at both Trudeau International Airport and Aerocity of Mirabel, and Collège Jean de le Mennais in La Prairie, Quebec.