Refinancing geoexchange projects seals VCIB's status as financier for technology in the spotlight as industry moves to zero-carbon buildings.
With a recent $3.8-million refinancing of two district geothermal projects in British Columbia, has sealed its status as a leading Canadian financier for a technology that is ready to take the spotlight as industry and governments get serious about low- and zero-carbon buildings.
VCIB’s latest venture with Geox Energy Ltd., and its development partner, Hotham Group, finances the acquisition of two geoexchange systems for more than 200 homes in Chilliwack, British Columbia. The systems have delivered stable revenues and low operating costs over the last 15 years, with an open-loop design that pumps water from naturally recharging non-potable aquifers through subsurface pipes beneath each home.
“The market is already maturing,” Frank says, even though “it’s not like solar, where you can actually see it on the roof and that helps people get excited about it. Unless you’re involved with the project or living in the building, it’s hard to know where geoexchange is operating, which makes it harder to tell the story to the broader market.”
“There are multiple decades of operational projects out there, and part of our capacity is to finance those,” Berliner says. “But now, with system costs coming down, we’re seeing business and financial model innovations that will help push these technologies into billion-dollar deployments. That’s the big overall opportunity here.”Few Canadians are unfamiliar with hockey great Wayne Gretzky’s memorable line about skating to where the puck will be.
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