ImpactAlpha, September 11 – The Toronto-based company has made a C$6.4 million ($4.9 million) investment in residential geothermal projects in British Columbia. The investment affects 417 residential connections, made by company GeoTility.
Geotility helps households affordably connect to renewable geothermal power. Rather than paying for costly, upfront installations, which can cost as much as C$30,000 to C$50,000, Geotility charges customers similarly to how they would pay for electricity from a traditional utility company.
CoPower’s investment was made through its retail green bond initiative, which allows everyday Canadians to invest in green bonds. The capital is being used to help Geotility refinance existing geothermal residential projects, freeing up Geotility’s financial capacity to make additional connections.