Canadian commercial and industrial real estate property owner Morguard has established a $145 million investment fund focused on building energy efficiency upgrades at more than two dozen of its properties.

The Morguard ReNew Fund, boosted with a $100 million loan by the Canada Infrastructure Bank (CIB), will facilitate energy-efficiency upgrades and retrofits at about 30 multi-suite residential, retail, office and industrial properties. The real estate operator is targeting a minimum 30% reduction in emissions through the efficiency upgrades.

Energy performance and engineering firm NERVA Energy will work with Morguard on designing and completing the retrofit projects.

Projects are expected to include the optimization of building systems and mechanical equipment, as well as fuel switching to lower-carbon heating and how water solutions, including heat pumps and district energy, the company said in its release.

“This is a clear example of where the industry is heading,” said Rob Hallewick, CEO of NERVA Energy, in a statement. “Retrofit programs are no longer conceptual or fragmented, they are becoming structured, measurable and scalable. We are proud to support Morguard in delivering tangible performance improvements across their portfolio while advancing Canadian expertise in this space.”

Although changes in political climate in the U.S. since early 2025 threatened a pullback in sustainability initiatives across commercial and industrial sectors, real estate and buildings materials firms such as Morguard and CBRE are often investing in on-site power and energy efficiency initiatives, with the latter advising clients on distributed generation opportunities.

CIB, meanwhile, has committed $1 billion across numerous companies from its Building Retrofits Initiative.

 “Delivering deep retrofits at scale takes strong collaboration between building owners, technical experts, and long‑term capital,” said Ehren Cory, CEO, Canada Infrastructure Bank. “Working with Morguard and NERVA Energy, we’re accelerating deep retrofits that reduce energy use, save owners long‑term operating expenses and cut emissions.