A deep lake cooling system that provides district energy in Toronto will be expanded in a joint venture from Allied Properties REIT, Enwave Energy Corporation, and RioCan REIT.
The thermal energy storage facility consists of two 6-million-Litre tanks underneath The Well, a mixed-use residential, commercial, and retail development project. The tanks will store temperature-controlled water fed by Enwave’s existing Deep Lake Water Cooling system and a newly developed high-efficiency hot water network. It will expand the existing system’s capacity with the ability to serve nearly 1.9 20 square kilometres of commercial, retail, and residential space.
“This initiative is special in that three, forward-looking companies are collaborating and enabling pioneering ideas to be implemented at a scale greater than each company could achieve alone,” said Carlyle Coutinho, president & COO, Enwave Canada. “The development is a reflection of our joint commitment to build resilient, urban communities incorporating intelligent energy solutions and utilizing future-focused technologies.”
The three companies will extend Enwave’s existing Deep Lake Water Cooling and hot water distribution networks by building a new energy storage facility housed at The Well, the development project being undertaken by RioCan and Allied Properties. This collaboration is the first one of its kind in Canada and the long-term business agreement will deliver value far into the future.
“This agreement enables the extension of Enwave’s system to The Well and allows our tenants as well as commercial, retail ,and residential sites in the downtown west and surrounding areas to conserve energy and reduce Toronto’s carbon emissions,” said Ed Sonshine, chief executive officer of RioCan. “This is a growing focus for many Canadians and we are excited that The Well will support these objectives.”
The project aims to provide long-term benefits for the City of Toronto and support its focus on resiliency and carbon emission reduction. By decentralizing energy supply and reducing the load on the electricity grid, particularly during periods of peak demand, it enables a more reliable and flexible source of energy.
“This is a continuation of our ongoing community-building in King West; The Well will now actively support two elements of a modern and progressive city: resilience and the need to decarbonize municipal energy supplies,” said Michael Emory, Allied’s president & CEO. “Also, in facilitating Enwave’s expansion, The Well will enable the greater King West community to tap into a low-carbon cooling and heating source.”
Construction on The Well commenced in 2017.