- The Canada Infrastructure Bank (CIB) and Johnson Controls International PLC (NYSE:JCI) agreed to commit more than C$125 million to accelerate private sector decarbonization retrofit projects in Canada.
- As per the agreement, CIB will invest up to C$100 million toward commercial, industrial, manufacturing, and multi-residential buildings leveraged through Johnson Controls OpenBlue Net Zero Buildings as a Service offering.
- The CIB's financing represents 80% of the overall capital cost of projects.
- Johnson Controls and its affiliate, Johnson Controls Capital Canada Inc., will provide an equity investment representing no less than 20% of the capital cost.
- Johnson Controls will identify and manage the retrofit projects by offering a vertically integrated delivery model inclusive of the investor and energy service company.
- Over the next five years, the collaboration strives to reduce greenhouse gas emissions by more than 48,000 tonnes per year. In addition, the projects will create more than 900 jobs in the trade sector.
- The parties expect the investment to reach a financial close in the summer of 2022.
- Price Action: JCI shares are trading lower by 0.19% at $66.99 on the last check Wednesday.
