Direct Investment Request 2024 Number 2

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The decision

2024-11-21 · Toronto Atmospheric Fund · adopted

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to $1.65 million via project financing agreements, and subject to: a. acceptance of the Toronto Atmospheric Fund's application for grant funding; b. individual building upgrades contracted under terms and conditions not materially different to the Letters of Intent entered into by the building representatives as part of the grant application; c.

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a total Program Internal Rate of Return being above a 10 percent minimum target rate; and d. Legal Review. 2. Approved financing the upfront cost of working capital expenses which are recoverable through grant funding. 3. Directed the Vice President, Impact Investing to implement the investment subject to the satisfaction of the Toronto Atmospheric Fund's solicitor. 4. Directed that the confidential information contained in Confidential Attachment 1 to the report (November 6, 2024) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information supplied in confidence to the Toronto Atmospheric Fund which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

On the agenda

As the city filed it

The Direct Investment Committee (DC) recommends an investment of up to $1,650,000 to finance Multi-Unit Residential Building (MURB) upgrades for comprehensive Electric Vehicle (EV) charging, referred to here as 'The Program'. The investment will occur as project financing agreements with 11 Multi-Unit Residential Buildings, previously identified with conditions set out in signed Letters of Intent (LOIs). This project builds on the Toronto Atmospheric Fund's previous experience delivering the EV Station Fund and prior work contracted with Dunsky Energy + Climate Advisors and is expected to showcase the value of Multi-Unit Residential Buildings undertaking comprehensive EV charging upgrades.

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This Program is strongly aligned with TAF's Accelerating EV Uptake focus area while also associated with our Accelerating Building Retrofits focus area. Over a 20-year period, the Green House Gas emissions reduction is an estimated potential 1,956,087 CO2e, the proposed allocation complies with the Toronto Atmospheric Fund's investment policy and target portfolio.

Staff recommended

The Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to $1.65 million via project financing agreements, and subject to: a. acceptance of TAF's application for grant funding; b. individual building upgrades contracted under terms and conditions not materially different to the LOIs entered into by the building representatives as part of the grant application; c.

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a total Program IRR being above a 10 percent minimum target rate; and d. Legal Review. 2. Approve financing the upfront cost of working capital expenses which are recoverable through grant funding. 3. Direct the Vice President, Impact Investing to implement the investment subject to the satisfaction of TAF's solicitor. 4. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information supplied in confidence to the Toronto Atmospheric Fund which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

On the record

The item as the City filed it

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