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Canada Infrastructure Bank completes C$50.2M partial financing for energy retrofitting at U of T

Date Closed

December 15, 2023

Lead Office



50.20 Million CAD

On December 15, 2023, Canada Infrastructure Bank, as initial lender and administrative agent, entered into a second lien credit agreement with certain special purpose vehicles controlled by the Governing Council of the University of Toronto (“U of T”), establishing a C$50.2 million secured, non-revolving facility for purposes of partially financing costs associated with deep energy retrofit projects at U of T’s St. George campus. Such retrofitting is intended to accelerate the transition away from fossil fuels as part of U of T's efforts to achieve net negative carbon emissions for the St. George Campus by 2050, and is expected to reduce greenhouse gas emissions by more than 50 percent, or 45,000 tonnes of carbon dioxide annually.

Canada Infrastructure Bank, headquartered in Toronto, Ontario, is a Crown corporation mandated to invest in infrastructure which benefits Canadians.

McCarthy Tétrault advised Canada Infrastructure Bank with a team led by Lynn Parsons and Liezl Behm that included Samantha Cunliffe, Zach Kroll (Financial Services), Bryn Gray (Aboriginal Law), Cynthia MacDougall (Municipal/Planning), and Jamie Cole (Planning).