The Canada Infrastructure Bank (CIB), Lulu Island Energy Company (LIEC) and Corix Infrastructure Inc. (Corix) have achieved financial close on Lulu Island Energy Company district energy project in Richmond, British Columbia, Canada.

CIB will provide US$175 million in funding for a project to create more than 170 new mixed-use residential and commercial properties using low-carbon heat from the Gilbert Road sewer system and district energy expansion, which will bring economic benefits through new construction work and the creation of an expanded sustainable energy network. By 2050, the project will reduce greenhouse gas emissions by one million tons and increase the area connected to the district power grid to 50 million square feet. The project supports the provision of low-carbon energy services to consumers.

Corix will design, build, finance, operate and maintain the city center system and provide knowledge in the field of district energy management. The CIB funding will help Richmond achieve its Community Energy and Emissions Plan (CEEP) targets through 2050. The plan includes a 50% reduction in community greenhouse gas emissions and zero emissions by 2030.