Morguard Corp. (MRC-T) has launched a $145-million fund to finance energy-efficiency and decarbonization upgrades at approximately 30 multisuite residential and commercial properties across Canada, backed by a $100-million loan from the Canada Infrastructure Bank.

Announced Wednesday afternoon, the ReNew Fund from the Mississauga-based developer, manager and owner of real estate is designed to support upgrades that improve building performance and operational efficiency, which also shrinks energy use and greenhouse gas emissions.

Those retrofits include optimization of building systems and mechanical equipment, and fuel switching to lower-carbon heating and hot water solutions like heat pumps and district energy.

The Canada Infrastructure Bank (CIB) has loaned Morguard the funds via its Building Retrofits Initiative.

Another partner is NERVA Energy, a Hamilton-based engineering firm specializing in energy performance, which will serve as the technical and delivery partner, providing integrated engineering and implementation services across participating properties.

“Establishing the Morguard ReNew Fund, with support from CIB, advances our ongoing efforts to strengthen the performance, efficiency and resilience of our properties over time,” Angela Sahi, president and CEO of Morguard, said in a release.

Sustainable Biz Canada has requested additional comment from Morguard and this article will be updated if more information becomes available.

Positioning Morguard's portfolio for 'long-term value creation'

Morguard is a major real estate player in Canada with $24.2 billion in assets owned and under management as of July 1, with $20 billion in owned real estate in Canada and the U.S.

The 31 million square feet of real estate in its portfolio encompasses 13.6 million square feet in retail, 12 million square feet in office and 5.4 million square feet in industrial, with over 33,000 residential suites as well.

“By implementing retrofit upgrades across selected assets,” Sahi said, “we are improving building operations, reducing emissions and continuing to position our portfolio for long-term value creation.”

The upgrades are anticipated to reduce annual emissions in the participating properties by approximately 35,246 tonnes of carbon dioxide.

The CIB's Building Retrofits Initiative offers low-cost, long-term financing to help building owners overcome high upfront costs and long payback periods associated with deep energy retrofits.

"Delivering deep retrofits at scale takes strong collaboration between building owners, technical experts, and long‑term capital," Ehren Cory, CEO of the CIB, said in a release. "Working with Morguard and NERVA Energy, we're accelerating deep retrofits that reduce energy use, save owners long‑term operating expenses and cut emissions."

Other real estate efficiency projects CIB has funded include:

• a retrofit program led by Enbridge Sustain and Blackstone Energy Services Inc.;
• a venture with Scotiabank to finance energy efficiency retrofits for its Canadian clients; and
• a partnership with GDI Integrated Facility Services Inc. and Concert Infrastructure Ltd. to fund retrofits for institutional, commercial and multiresidential buildings in Canada.

Morguard's sustainability efforts

Morguard is not new to retrofits. In 2024, building upgrades played a key role in the company’s work to reduce greenhouse gas emissions by 4.4 per cent from 2023 to 2024. At the 43, 47 and 49 Thorncliffe Park Dr. apartment towers in Toronto, for example, the project included HVAC and boiler upgrades, right-sized mechanical systems and the installation of smart building controls.

The company has set targets to reduce greenhouse gas emissions by 50 per cent by 2030 and achieve net-zero emissions by 2050. In its 2025 sustainability report, Morguard reported a 20 per cent reduction in its Scope 1, 2 and 3 greenhouse gas emissions against its 2019 baseline, with a reduction in intensity by approximately the same amount.

Morguard is actively engaged in upgrading its buildings with steps such as tapping into a Natural Resources Canada-funded deep retrofit accelerator in 2025. The accelerator was focused on improving energy efficiency across Morguard’s Class B and C portfolio by installing permanent energy monitoring and tracking systems.

Also in 2025, Morguard’s buildings earned awards for sustainability, such as:

• BOMA Outstanding Building of the Year Award for Prairie Mall in Grande Prairie, Alta.;
• BOMA Enspire Award for Kingsbury Centre in Mississauga; and
• BOMA BEST Prestige Award for 9925 – 109 St. NW in Edmonton.