Toronto Community Housing, Corix Utilities work together on district energy system
Toronto, January 30, 2009 � Toronto Community Housing, Canada�s largest social housing provider, and Corix Utilities, one of Canada�s sustainable utility infrastructure leaders, have forged an innovative partnership to run a cutting-edge, environmentally-friendly green energy system in the revitalized Regent Park � Regent Park Energy Inc.
The new joint venture will run a district energy system in Regent Park. The system will produce high-efficiency heating and cooling for all the residential and commercial buildings in Regent Park and will have the potential to generate electricity from green sources like cogeneration, solar and geothermal in the future. The energy generated by the district energy system will keep 400,000 tonnes of greenhouse gas out of the air over 30 years, the equivalent of taking 66,000 cars off the road for a year. The joint venture supports the Government of Ontario�s Go Green action plan on climate change and the City of Toronto�s Climate Change Action Plan.
Toronto Community Housing is investing $36 million and will own 60 per cent of Regent Park Energy Inc. to maintain majority ownership and control. Corix Utilities is investing $24 million for a 40 per cent stake � a significant vote of confidence in Toronto Community Housing�s efforts to create a new, successful, mixed-income community in Regent Park.
When fully built out in 2016, the Regent Park community energy system will serve 12,500 tenants and market condo owners and commercial tenants. The system is in the process of being commissioned and will be operational by May 2009 when the first tenants move into their new homes in Regent Park.��
�Toronto Community Housing�s innovative partnership with Corix Utilities will power a green future in the revitalized Regent Park. Our environmentally-friendly district energy system will reduce greenhouse gas emissions that contribute to climate change, save us money by conserving energy and generate revenue that we can reinvest in building great neighbourhoods,� said Derek Ballantyne, CEO of Toronto Community Housing.
�Corix is proud to be a partner with Toronto Community Housing in Regent Park Energy Inc. This important community project demonstrates how public and private partners can deliver sustainable energy solutions that maximize environmental, social and economic benefits. The Regent Park district energy system will meet the heating and cooling needs of the revitalized Regent Park and has the flexibility to incorporate other green technologies ranging from geothermal to combined heat and power systems that deliver electricity as well as heating,� said Brett Hodson, CEO and President of Corix Utilities.
�It�s incredibly exciting to see Regent Park setting the standard for green communities of the future,� said George Smitherman, Ontario�s Deputy Premier, Minister of Energy and Infrastructure and MPP for Toronto Centre. �This innovative district energy system � and the public-private partnership that will run it � are powerful examples of the kind of smart thinking we�re relying on as we work to create a cleaner, greener Ontario.�
"Toronto is a leader on the environment and climate change and this is further evidence of that,� said Toronto Mayor David Miller. �Toronto Community Housing is the country's biggest landlord and taking this step not only fulfills a long-standing desire of residents of the community, it is consistent with out climate change plan and will have a real and lasting impact in our efforts to reduce the city's carbon footprint. It's good for the neighbourhood, good for the city and good for the planet."
"It has always been a priority to redevelop Regent Park as a green, sustainable community,� said Toronto City Councillor Pam McConnell (Ward 28 � Toronto Centre-Rosedale).� �It makes sense from a financial stand-point, bringing long-term savings in reduced energy costs.� But creating a neighbourhood that is environmentally-friendly also offers a high quality of life for future residents."
- Regent Park Revitalization is a six-phase, 15-year, $1-billion strategy that will transform Canada�s biggest and largest publicly funded community into a healthier mixed residential community for 12,500 people in 5,115 units. The first Regent Park tenants move into their new homes in May 2009.
- The revitalized Regent Park will be a green community. Lower carbon dioxide (CO2) emissions and energy savings will be achieved by constructing buildings that are energy efficient and environmentally friendly, and through the district energy system.
- Corix Utilities has a strong track record partnering on district energy systems, including projects in British Columbia, Alberta and Alaska. It also has a minority equity stake in Chatham Kent Energy, a local electricity distribution company.
- Regent Park Energy Inc.�s green energy approach supports the Ontario government�s commitment to greenhouse gas emission reduction targets of six per cent below 1990 levels by 2014, 15 per cent below 1990 levels by 2020 and 80 per cent below 1990 levels by 2050.
- Regent Park Energy Inc.�s green energy approach supports the City of Toronto�s commitment to greenhouse gas emission reduction targets of six per cent below 1990 levels by 2012, 30 per cent below 1990 levels by 2020 and 80 per cent below 1990 levels by 2050.
Find out more about Toronto Community Housing� (www.torontohousing.ca)
Read more about Toronto Community Housing�s plan to revitalize Regent Park (www.torontohousing.ca/regentpark)
Learn more about Toronto Community Housing�s sustainability initiatives (www.torontohousing.ca/key_initiatives/our_green_plan)
Learn more about Corix Utilities at (www.corix.com/utilities/default.htm)