Diverso Energy, backed by infrastructure fund manager CVC DIF Capital Partners, has entered a joint venture with Mattamy Homes to deliver geothermal heating and cooling to residential developments across Canada.
Under the agreement, Diverso—an Energy-as-a-Service (EaaS) provider—will act as the exclusive geothermal utility partner for Mattamy, leveraging its DIF-supported growth to accelerate low-carbon infrastructure in the housing sector.
Partnership Overview and Strategic Context
The partnership begins with Mattamy contributing an existing portfolio of over 2,300 residential units equipped with operating or under-construction geoexchange systems as seed assets. These assets will form the foundation for a broader rollout of geothermal systems across Mattamy’s future housing developments, including townhouses, single-family homes, and mid- to high-rise multi-family buildings.
This collaboration reflects a wider industry trend towards decarbonising residential infrastructure. Mattamy Homes, one of North America’s largest privately owned homebuilders, has been steadily incorporating geoexchange systems into its housing model. The joint venture formalises this shift, providing a structured approach that shares technical, financial, and operational risks.
Diverso Energy, acquired by DIF Capital Partners in 2023, specialises in turnkey geothermal energy solutions for new developments. DIF’s involvement ensures access to the capital and infrastructure expertise necessary for long-term expansion. It also aligns the partnership with institutional sustainability and investment standards, positioning it to benefit from evolving regulatory and policy landscapes that increasingly favour low-emission building technologies.
What are geoexchange systems?
Geoexchange, or geothermal energy systems, harness the stable temperatures beneath the Earth’s surface to provide efficient heating and cooling. By circulating a heat-transfer fluid through underground loops, these systems exchange heat with the ground, offering a renewable and emissions-free alternative to traditional HVAC systems. Their use in residential developments significantly reduces greenhouse gas emissions and lowers energy consumption for homeowners.
Environmental and Operational Outcomes
The adoption of geothermal systems will enable Mattamy to offer fully electrified, low-carbon housing with improved operational performance. The company has set a target of reducing GHG emissions for FY2025 sold homes by 10% compared to code-built homes, and by 31% compared to resale homes built around 2005.
Homeowners will experience enhanced thermal comfort, quieter operation, and expanded usable outdoor space—benefits stemming from the elimination of conventional HVAC compressors. These outcomes align with the growing consumer demand for sustainable and high-performing residential solutions.
Energy-as-a-Service approach
The joint venture follows an Energy-as-a-Service (EaaS) utility model, under which Diverso designs, finances, installs, owns, and operates the geothermal systems within Mattamy’s developments. Homeowners benefit from reliable, emissions-free heating and cooling without any upfront capital expenditure or ongoing maintenance responsibilities.
This delivery model is increasingly adopted in both public and private infrastructure sectors, particularly where long-term asset operation is integral to performance outcomes, as public-private partnership contracts. For Mattamy, the EaaS approach ensures system reliability and efficiency while allowing the company to focus on its core expertise in residential development.
Industry Outlook and Replicability
The partnership between Diverso and Mattamy could become a blueprint for future collaborations between infrastructure investors and developers. By deploying geothermal systems through an Energy-as-a-Service model backed by long-term funding, they’re tackling challenges like cutting emissions, managing costs, and bringing new technology to homes.
As regulatory pressure to decarbonise grows, this approach offers a practical, scalable way forward. It shows how the right mix of funding, technology, and delivery models can help meet climate targets while supporting developers.
DIF’s support gives the project financial stability and a strong institutional foundation, making it more efficient and reliable for the long term. Their experience in sustainable infrastructure adds to Diverso’s credibility and investor appeal. Ultimately, this partnership blends infrastructure financing with residential development, creating a roadmap for future efforts to integrate clean energy at scale.
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