27 January 2021
Montréal, January 27, 2021– The cheapest energy is the energy we don’t use. When implementing energy efficiency projects, however, we are faced with a number of barriers that impede their development and their contribution to the fight against climate change.
To facilitate and accelerate the implementation of structuring energy efficiency projects in Québec businesses, Econoler and Fondaction, with the support of the Québec Ministry of Energy and Natural Resources, are joining forces to create la Société de financement et d’accompagnement en performance énergétique (SOFIAC). The new entity was officially launched today, in the presence of Jonatan Julien, Québec Minister of Energy and Natural Resources, Geneviève Morin, President and Chief Executive Officer of Fondaction, Pierre Langlois, President of Econoler, and Michel Méthot, General Manager of SOFIAC.
“The objectives that SOFIAC pursues echo the 2030 Plan for a Green Economy and the 2018-2023 Energy Transition, Innovation and Efficiency Master Plan by focusing on nontraditional forms of financing to support the energy transition. In that respect, we must raise awareness of the importance of this new key player’s mission in energy modernization and support it to build a Québec that is increasingly focused on energy efficiency and green energy. I am proud that we can count on the expertise of this additional actor to promote this necessary transition.”
Jonatan Julien, Minister of Energy and Natural Resources and Minister Responsible for the Côte-Nord Region
“A partner in the implementation of the green growth of businesses and the recovery of our economy, SOFIAC is a single window providing a comprehensive solution that optimizes energy performance without investment on the part of the beneficiaries, while the business uses technical and financial resources to develop its business project.”
Pierre Langlois, President, Econoler
“Many businesses are determined to improve their carbon budget through energy efficiency, but they lack in time, expertise and sufficient financing to take the plunge. SOFIAC’s innovative concept is an unprecedented tool that enables them to implement such projects and to benefit from the savings they generate from day one. The innovation of this new assistance formula has the potential to accelerate the positive transformation of our economy.”
Geneviève Morin, President and Chief Executive Officer of Fondaction
With SOFIAC’s assistance, businesses reduce their costs and environmental impact without having to use their financial capacity. Energy efficiency projects are paid for entirely on the basis of sharing the savings generated by the projects, which implies that a net annual gain in terms of profitability and cash assets is generated for the beneficiaries.
The service offer is aimed at businesses whose overall energy costs (all sites and energy sources combined) are more than one million dollars annually. SOFIAC plans to provide financing for projects of more than 150 million dollars over five years.
Founded in 2020, SOFIAC helps commercial and industrial sector businesses to increase their profitability and competitiveness through the development, financing and implementation of energy efficiency projects. SOFIAC’s innovative business model enables its clients to benefit immediately from a portion of the savings generated by reduced energy consumption, thereby enabling them to save without spending. For more information, go to sofiac.ca.
Econoler is an international firm with 40 years of experience in the design, implementation, evaluation and financing of energy efficiency and renewable energy programs and projects. Over the years, Econoler has contributed to developing and implementing approximately 4,000 projects in over 160 countries.
Econoler has, among other things, developed an internationally renowned expertise in the design and implementation of customized financing mechanisms for various markets for the purpose of implementing energy efficiency projects. Whether it be through tailor-made lines of credit offered to banks, guarantee programs, specialized funds, carbon financing or innovative programs for all sectors, Econoler has developed a very high-level expertise to support all market players interested in implementing or providing such mechanisms. For more information, go to econoler.com or our LinkedIn page.
A forerunner for the past 25 years, Fondaction is the investment fund for individuals and companies that are mobilizing for the positive transformation of Québec’s economy, making it more productive, equitable, inclusive and green.
As a labour-sponsored fund, Fondaction represents tens of thousands of savers and hundreds of companies committed to driving Québec’s progress. It manages net assets of more than 2.61 billion dollars invested in hundreds of businesses and on the financial markets, favouring investments that generate positive economic, social and environmental spinoffs in addition to a financial return. Fondaction helps create and maintain jobs and reduce inequalities while contributing to the fight against climate change. For more information, go to fondaction.com or our LinkedIn page.