Abstract: A thermal energy recovery system for an ice making plant of an ice rink includes a refrigeration unit for generating temperatures suitable for maintaining an ice surface that generates low grade heat as a by-product. A storage tank for storing a heat transfer fluid is provided. A refrigeration loop conveys heat transfer fluid containing low grade heat from the refrigeration unit to the storage tank. A thermal energy utilization loop provides fluid communication from the storage tank to a building HVAC system. There is at least one heat pump on the thermal energy utilization output conduit adapted to take heat transfer fluid containing low grade heat and convert the low grade heat into one of high grade heat or comfort cooling for use in the building HVAC system.