Residential Geothermal in Kelowna, BC

Residential Geothermal in Kelowna, BC

Invested to date

$6,400,000

100%
$6,400,000

Term of loan
120 months

GREENHOUSE GASES AVOIDED EQUIVALENT TO 2413 TONNES OF CO2 PER YEAR

CoPower investors have provided nearly $6,400,000 in re-financing for 658 operating geoexchange installations that provide heating and cooling services to residential and strata customers in Kelowna, British Columbia. The projects are owned and operated by GeoTility, a B.C.-based heating and cooling company that has been in operation for close to 30 years.

When it comes to saving energy and reducing emissions, geoexchange is one of the most effective clean technologies available; however, the high upfront costs remain a significant barrier for many home and building owners.

GeoTility, through its subsidiary company, Terrasource, has solved this problem by offering geoexchange services in a utility model. Terrasource designs, installs, owns and operates the system’s exterior equipment--the ground heat exchanger--while clients simply pay a fixed quarterly bill for heating and cooling services. This is similar to our Montreal-based project financings, demonstrating the viability of geoexchange systems across Canada.

CoPower’s debt financing frees up GeoTility to invest in their next projects and bring their impactful model to new markets. The loan is secured by a special purpose entity that owns the projects and receives quarterly payments from the homeowners.