"This project required a vision. A vision to look out at the lake and see the potential to help the environment and reduce the city's energy use with the world's largest deep water cooling project. It's this kind of innovation in reducing energy use, or creating alternative and renewable energy sources, that will lead Ontario to a better future," says Commissioner Gilchrist.
Enwave's Deep Lake Water Cooling is the world's largest lake source cooling system. It draws a renewable source of cold water from deep in Lake Ontario to provide a naturally chilled source of cool water to air condition buildings in downtown Toronto. This system will reduce electricity generated by coal-fired plants and carbon dioxide emissions by 40,000 tons annually. By 2004, Enwave's Deep Lake Water Cooling system will produce 52,000 tons of cooling, enough to service 20 million square feet or 100 office towers in Toronto.
"This is a great day for all of us who live and work in Toronto. We are very pleased that Oxford is contributing to Toronto's Kyoto commitment," says Councillor Shiner. "Deep Lake Water Cooling is not only an investment in sustainable technology, but an investment in sustainability for our City, our economy, our environment and our future."
Gilchrist and Shiner will be joined by Stuart Smith, President & CEO at Oxford Properties Group and Dennis Fotinos, President & CEO of Enwave District Energy in celebrating the turning off the electrical chillers and switching on of Enwave's system at a 12:00 noon building tenant luncheon, located in the lobby of One University Avenue.
"Oxford's 20 year commitment to the Deep Lake Water Cooling system sends a message to the commercial office industry that sound business decisions can create sound environmental benefits," says Fotinos. "This commitment shows Oxford's confidence that its tenants will see long-term economic benefits while contributing to a better environment."
Oxford has made a commitment to Enwave a year ahead of implementation of the Deep Lake Water Cooling system. Until 2004, it will rely on Enwave's current district cooling system to air condition its building.
"Oxford is proud that One University is the first office building to be retrofit to the Enwave loop. In representing the interests of both tenants and property owners, this conversion will be proof that a good business decision can be good for the environment," says Smith.
As one of North America's largest commercial real estate firms, Oxford Properties Group manages a large portfolio of prime office and retail premises in Canada's major urban markets. Oxford's strategy is to use industry-leading customer services, its national economies of scale, and it's alliances with service providers to deliver a compelling value proposition to its customer- tenants. The company is owned by the Ontario Municipal Employee Retirement System (OMERS) - the third largest pension fund in Canada with more than $30 billion in assets. (www.oxfordproperties.com)
Enwave is one of North America's largest district energy systems serving over 130 buildings in the downtown Toronto core with outsourced heating, cooling and energy services. (www.enwave.com)