May 28, 2025

At BCI, we are proud to champion the transition to cleaner, more efficient energy solutions across North America. Our investment in Corix – a company that has rapidly emerged as a leader in low-carbon thermal energy systems – demonstrates how environmental innovation can drive sustainable, long-term results.

Founded in 2006 and headquartered in Vancouver, B.C., Corix grew to become a leading provider of thermal energy and water/wastewater utility services. In 2024, Corix’s water and wastewater business merged with SouthWest Water to form the Nexus Water Group, and Corix rebranded as a standalone district energy business. Today, Corix is recognized for its expertise in designing, building, owning, and operating district energy systems that deliver heating and cooling to cities, campuses, and master-planned communities across North America. District energy systems work by generating thermal energy at a central plant and distributing it to multiple buildings through underground pipes. These systems can incorporate a wide range of technologies and energy sources, including renewable and low-carbon options. This approach is significantly more energy efficient and environmentally friendly than traditional individual building systems, resulting in lower greenhouse gas emissions and cost savings for communities.  

The Investment Opportunity

 
Corix is wholly owned by BCI through our Infrastructure & Renewable Resources (I&RR) program. With a strong track record of delivering reliable, cost-effective and sustainable energy infrastructure, Corix is well positioned for growth as cities and residents seek greater density and energy efficiency. Corix’s partnerships with developers, municipalities, universities, and hospitals enable the delivery of dependable, low-carbon energy solutions. Many of Corix’s projects operate under cost-of-service revenue regulation, meaning a regulator sets the rates to ensure the utility recovers its costs and earns a reasonable return. This model provides stable, predictable cash flow and supports our goal of generating sustainable, long-term returns for our clients, and a fair and transparent energy cost structure for Corix’s customers. BCI’s investment in Corix directly supports our environmental, social and governance (ESG) ambitions. The company’s innovative approach to delivering energy helps buildings and neighbourhoods dramatically reduce their carbon footprints compared to conventional heating and cooling systems, while also offering a more affordable model for residents and businesses. Today, Corix operates 12 significant energy utility systems across North America, with a healthy pipeline of opportunities for continued growth.  

Prominent Projects in British Columbia

 
Several of Corix’s district energy projects are located in British Columbia, including in Vancouver, Burnaby, Victoria and Richmond, with many continuing to expand through new phases. Corix’s work in Richmond is just one example of how innovative energy systems can drive positive long-term environmental results. In partnership with the City of Richmond’s Lulu Island Energy Company, Corix launched the Oval Village District Energy Utility in Richmond in 2011, with the first phase operational in 2014. Building on this success, the parties announced the City Centre District Energy Utility in 2022. This project integrates and expands the existing Oval Village system into a broader, low-carbon thermal network designed to support Richmond’s long-term growth with clean, affordable energy. Backed by $175 million in low-cost debt from the Canada Infrastructure Bank, Corix is delivering a low-carbon energy system that will connect more than 170 new sites in Richmond to the utility by 2050. By recovering low-carbon heat from sewer mains, the project will cut greenhouse gas emissions by one million tonnes and expand the system tenfold to 50 million square feet, making Richmond a model for sustainable urban energy.  

Supporting Corix’s Growth

 
BCI is pleased to support Corix in completing its largest growth initiative to date: building and operating a district energy system for Utah City, a major new development near Salt Lake City, Utah. BCI has committed to providing additional capital to Corix over the next decade to finance this significant project. Corix has partnered with Flagborough LLC to build and operate a low-carbon district energy system for the 350-acre Utah City community, located on the shores of Lake Utah. The first phase of this US$5 billion, 700-plus-acre development will include residential, retail, commercial and medical research facilities – including space for a new health care facility that will be owned and operated by the Huntsman Cancer Institute – in high-density, transit-friendly neighbourhoods. With Utah among the fastest-growing states in the U.S., this project is vital for meeting the region’s housing and environmental sustainability needs. Corix’s integrated system for Utah City will include a connected district heating and cooling system where equipment and energy sources are shared between buildings through a centralized energy plant, while also enabling the use of waste heat from nearby facilities. The system will be built to grow and adapt as Utah City expands, eventually connecting over 19 million square feet of mixed-use space. The first phase, consisting of nearly two million square feet, is expected to be operational in early 2026. “Projects like Utah City demonstrate why Corix is a leader in the district energy space. Their ability to design scalable and adaptable systems that can grow with communities while incorporating technologies such as waste heat recovery shows innovation in action,” said Zaman Velji, Senior Managing Director, I&RR. Corix’s growth strategy focuses on expanding its presence in key North American markets and advancing sustainable energy solutions. By combining technical innovation, operational excellence, and a strong commitment to community engagement, Corix has a long growth trajectory ahead. Learn more about Corix’s most recently announced project in the news release and video below.