Dream has secured investor ready energy efficiency (IREE) certification for its retrofit project at 366 Bay Street, Toronto, in keeping with requirements of the Canada Infrastructure Bank building retrofits initiative. The office tower is the first candidate to fulfill this mandatory condition of CIB’s $2-billion funding program, and is part of a group of 19 buildings for which Dream has committed to deliver a 40 per cent reduction in greenhouse gas (GHG) emissions.
IREE certification is based on the Green Business Certification Inc. (GBCI) investor confidence framework and calls for accredited third-party verification of a project’s energy efficiency and emission reduction outcomes through rigorous standardized analysis.
“IREE certification is our standard to finance retrofit projects,” confirms Ehren Cory, chief executive officer of CIB. “By providing attractive financing options and partnering with the private sector, we can serve as the link to ensure meaningful action is taken to enhance energy efficiency of buildings.”
Dream has received $136.6 million in CIB funding towards the 19 comprehensive retrofits, which is expected to accelerate the company’s pursuit of net-zero operations by 2035.
“Achieving the IREE certification confirms that our comprehensive approach to planning and executing these GHG-saving projects is best-in-class,” says Brad Keast , head of development and construction for Dream Office REIT.
