SOFIAC is an initiative established by Écofonds, an Econoler and Fondaction subsidiary, with the support of the Government of Quebec. Econoler and Fondaction jointly apply their respective expertise to this innovative initiative that combines specialized know-how and an innovative financing mechanism, the fruit of more than two years of development.
As a result of this partnership, a complete and adapted service offer is born to eliminate all barriers linked to the implementation of feasible energy efficiency projects.
A pioneer for more than 25 years, Fondaction is the investment fund for those mobilized in the positive transformation of the Quebec economy to improve its performance and make it more equitable, more inclusive, and greener. As a labour fund, Fondaction represents tens of thousands of investors and hundreds of businesses committed to the progress of Quebec. It manages net assets totalling 2.26 billion dollars invested in hundreds of businesses and financial markets by favouring investments that generate positive economic, social, and environmental impacts on top of financial returns. Fondaction helps maintain and create jobs, reduce inequalities, and fight against climate change.
Econoler is an internationally renown firm with more than 40 years of experience in the design, implementation, evaluation, and finance of energy efficiency and renewable energy programs and projects. Throughout the years, Econoler has participated in the elaboration and implementation of approximately 4,000 projects in more than 160 countries.
Econoler has, among other things, developed internationally recognized expertise in the design and implementation of financing mechanisms adapted to various markets to facilitate energy efficiency projects. Whether through adapted lines of credit offered to banks, guarantee programs, specialized funds, carbon financing, or even innovative programs in the residential sector, Econoler has developed very high-level expertise to support all actors wishing to establish or offer this type of mechanism.
The Government of Quebec has granted a subsidy to SOFIAC, which enabled it to develop a complete service offer. This subsidy enables SOFIAC service beneficiaries to reduce the costs associated with project implementation, including savings measurement and verification costs, by having access to services from a third-party firm throughout the contract period.