Energy Savings Performance Agreement. Tim Stoate, Vice President, Impact Investing

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1 Energy Savings Performance Agreement Tim Stoate, Vice President, Impact Investing February 2014

2 About TAF Toronto City Council created the Toronto Atmospheric Fund (TAF) in 1991 First municipal climate agency in the world $23 million endowment for grants & mandate-related investments Independent (arm s length)

3 Mandate Support local initiatives that significantly reduce greenhouse gas and air pollution Toronto s GHG reduction targets are 30% reduction by 2020 and 80% by 2050

4 Why is TAF investing in energy efficiency? Almost 60% of GHG emissions are from buildings. TAF seeks to accelerate energy efficiency in the high-rise residential market by reducing financial regulatory and other barriers. More than 6500 buildings in GTA

5 The low hanging fruit myth

6 Energy efficiency barriers What is the main barriers to pursuing energy efficiency at your organization? Lack of funding to pay for improvements (37%) Insufficient Payback ROI (21%) Uncertainty regarding savings/performance (11%) 6

7 Energy Savings Performance Agreement The ESPA is a new financing structure Essentially a service agreement It s not a loan TAF will pay directly for a suite of energy efficiency measures Energy savings shared and insured Transaction minimum $250,000

8 ESPA vs. Loan ESPA TAF pays up to 100% - building s capital protected Non-debt and no lien on property Transfers much of the risk of ownership, technology changes and performance to TAF Building never pays more than savings ROI to building virtually unlimited Borrowing by-law not required Option to pre-pay after 3 years Loan Building s ability to attract capital reduced Liability on balance sheet Responsible for technology changes and equipment performance Building can pay more than savings ROI could be lower but can t be higher Borrowing by-law required Pre-payment not always an option

9 Features and benefits Quality. Retrofit plan optimized for savings by TAF and insurer Commissioning and re-commissioning required to ensure that new equipment is installed and operating correctly Aligns stakeholders (building owners, investors, insurer, engineers)

10 Energy Costs ($) Return from savings Pre- Project Energy Costs Savings used to Pay Building Owner Savings used to Pay TAF Post-Project Energy Costs Financing Term Time 10

11 Too good to be true? Energy audit is the responsibility of building owner - incentives pay for a portion (up to 50%) TAF earns a return! Pre-payment has make-whole clause TAF has to make a minimum return

12 Harbourfront Centre $117,000 in financing 9 energy efficiency measures $54,000 annual energy savings 80% to TAF, 20% to Harbourfront 200 tonnes/yr of CO 2 reduced

13 Robert Cooke Co-Operatives Homes $485,000 in financing 7 energy efficiency measures $70,000 annual energy savings 90% to TAF, 10% to Building 170 tonnes/yr of CO 2 reduced

14 Thank You Tim Stoate Vice President, Impact Investing Toronto.ca/TAF

15 Looking for Honey in Other Pots Financing social economy projects, the Québec Experience Regeneration forum, Toronto, Feb 11 th

16 Le Chantier de l économie sociale Chantier de l économie sociale: networks of collective enterprises, local and regional development organisations and social movements to promote and develop the social economy Recognition by Quebec government as a participant in economic and social development 16

17 Challenges Many institutional barriers Acces to capital Undestanding of social economy Commercialization strategies Image of the social economy 17

18 A first answer Réseau d investissement social du Québec: A 12M$ fund Contribution from: Québec governement Private entrprises: Alcan Groupe Jean-Coutu Imasco Caisse Desjardins Banque Nationale, de Montréal et Royal 18

19 A quick snapshot Réseau d investissement social du Québec: Technical assistance and capitalization components 484 projects $11 million investment Creation and maintenance of more than 6,000 jobs Recreation and tourism, services, recovery-recycling, solidarity commerce, culture, etc. 19

20 Fiducie de Chantier de l économie sociale CES Trust Contribution from: Development Agency of Canada for the Regions of Quebec : 22.8 M$ Fonds de solidarité FTQ: 12,0 M$ Fondaction CSN: 8,0 M$ Québec governement: 10,0 M$ Total : 52,8 M$ 20

21 Fiducie de Chantier de l économie sociale Operations Patient Capital Real Estate Patient Capital: 21

22 Fiducie de Chantier de l économie sociale Patient capital Repayment in a single instalment after 15 years Monthly paymnet of interst and fees No security or any other guarantee Real estate patient capital Mortgage financing with a financial institution Guatentee by real estate mortgage subordinated 22

23 Fiducie de Chantier de l économie sociale Patient capital 32% in operating patient capital 39% Real estate patient capital 29% mix of both 23

24 Housing Challenges Need for community Housing Response against «social bonds» Response to the diminution of gouvernement program Beeing a actor in financing 24

25 A limited partnership fund With the actors of community Housing In adition to governement program Pilot of units : 2013: 200 unités 2014: 500 unités 2015: 500 unités 31,5M$ 25

26 A limited partnership fund Guarentee from the governement of Québec Investments from union fund Fonds de solidarité de la Fédération des travailleurs du Québec (FTQ) Fondaction, Confédération des syndicats nationaux (CSN) 26

27 A limited partnership fund Integrated in the developpement program AccèsLogis Patient capital 15 years Mortgage from a partner institution (SSQ a mutual insurance group) 27

28 3 funds: Réseau de l investissement social du Québec (RISQ) Fiducie du Chantier de l économie social Fond d habitation Capital patient 3 structures: Non-profit organisation Trust Limited partnership 28

29 Many types of loans Risk capital Patient capital Operating capital Many investors Governements Private sector Unions 29

30 30

31 Looking for honey in other pots Presentation to HSC Regeneration Forum Derek Ballantyne Bank Street, 2 nd Floor, Ottawa, ON K2P 1X3

32 Community Forward Fund A loan and financing fund for Canadian nonprofits and charities Targets gap in access to patient capital, working capital, bridge financing and growth capital for the sector Builds financial capacity through financial reviews and coaching services Works in partnership with regional funds, foundations and other community partners

33 CFF Organization Structure Accredited Investors Investment Assets Annual Return Community Forward Fund Assistance Corporation (Registered Fund Manager) Mgmt Fee Advise Loan Principal Community Forward Fund (Concentra Trust) Interest Payment Principal Repayment Loan Recipients

34 Community Forward Fund Operating since July 2012 Registered for investors in 5 provinces Lending $7.8 million subscriptions $2.0 million commitments $6.8 million loans approved 70 % drawn 2012 return to investors 3.2% Financial Capacity Building Introductory workshops alternative financing Site analysis In depth financial reviews / clinic

35 Loan portfolio Detailed loan review process Two-stage credit approval process Provide secured and unsecured lending Lending rates 5% - 8% Average loan $270,000 Average term 30 months

36 Housing loans $ 2,500,000 Project development funding Participation in take-out lending 80% secured on assets Balance secured on cash flow or GSA Significant demand Complement to conventional lenders Prepared to assess risk differently Can lend when security on asset not possible

37 Investors Community Foundations / Private foundations Impact investors Local impact Social impact Return equal or above disbursement requirements Third party due diligence and loan management

38 Sources of alternative financing Community loan funds Relatively small, close to capacity Foundations Challenge of diligence, loan monitoring Limits related to concentration of investment class Community bonds Primarily retail investment, RRSP drive Challenge of placement mechanisms Structured investment / debt product

39 Why are good ideas not funded Investor needs not always met Ability to manage / cost of due diligence Viable business plan Quantum of risk exposure to asset class Liquidity of investment Limited number of intermediaries Sufficient capitalization for housing Can diversity investor risk Provide investor liquidity Generate on-going returns

40

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