Marble, columns and stairs
Mar 31, 2022

The Canada Infrastructure Bank (“CIB”) reached financial close on the $136 million financing to DREAM UNLIMITED CORP. (TSX: DRM) (“Dream Unlimited”), DREAM OFFICE REIT (TSX: D.UN) (“Dream Office”), and DREAM IMPACT TRUST (TSX: MPCT.UN) (“Dream Impact”) (collectively referred to as “Dream”), as part of the Building Retrofits Initiative (BRI). Dream will use the project financing to undertake energy efficiency retrofits of nineteen (19) buildings in the Dream portfolio.

This transaction demonstrates how the CIB is having a transformative effect on the infrastructure market by providing access to financing for energy retrofits, and leading the way for private investment. By requiring Investor Ready Energy Efficiency certification, the CIB is encouraging a standardized process of developing and financing projects and helping to establish energy retrofit investments as a distinct asset class. The transaction is novel as the eligibility of projects will be tied to detailed greenhouse gas reduction forecasts and it supports Dream’s goal to achieve net zero by 2035.

McMillan LLP advised the CIB on all aspects of the project financing, including leading the drafting of the credit and loan documentation. Ahsan Mirza led the McMillan team working alongside Alex Ricchetti and Christina Kim.

McMillan’s Project Finance & P3 industry group is made up of lawyers with deep experience in the structuring and execution of major infrastructure projects. We are known for having a collaborative, problem solving approach to closing projects and meeting the requirements and financial objectives of both procurement authorities and private partners. We provide a complete range of services related to infrastructure, including assistance with procurement, construction, financing, environmental review, community consultation, tax and regulatory issues. We have acted on transactions involving all types of public infrastructure arrangements including privatizations, outsourcing arrangements, public-private partnerships, concessions, leases and alternative financing structures. Having acted for parties on all side: lenders, consortia, primary subcontractors and public authorities, we are uniquely positioned to advise and represent all relevant stakeholders.