C-PACE Financing Firm Greenworks Raises $150 Mn Committed Capital

Greenworks Lending, one of the largest providers of C-PACE financing in the US, has announced that it has raised USD 150 million in committed capital

Greenworks Lending, one of the largest providers of Commercial Property Assessed Clean Energy (C-PACE) financing in the US, has announced that it has raised USD 150 million in committed capital from Nuveen, the investment manager of TIAA. This marks the firm’s third investment from Nuveen in three years. The deal, which was structured by Guggenheim Securities, LLC, will further increase the firm’s available funding for C-PACE assets across the country.

C-PACE makes it possible for commercial property owners to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects. While facilitating sustainability efforts, the program reduces property owners’ annual costs and provides dramatically better-than-market financing for green new construction.

“During these challenging economic times Greenworks is well-positioned with committed funding available to help building owners keep their properties up to date and developers complete their capital stacks,” said Alexandra Cooley, Co-Founder and COO of Greenworks. “While the current uncertainty in the market is causing stress within the commercial real estate market, Greenworks continues to be committed to providing a long term, secure financing solution.”

Despite current economic challenges, the firm continues to close C-PACE projects nationwide. In the first few months of 2020, it has closed a wide variety of projects across 9 states; notably — a USD 1.2M office building project in CA, a USD 5.1M hotel project in MO, a USD 670K medical office project in OH, and a USD 6.7M office building project and a USD 856K solar project at an auto dealership, both in CT. It also recently closed the first C-PACE project in Delaware, a USD 4M renovation of the historic DuPont Building; and its first project in MN – a USD 722K energy efficiency upgrade. 

The firm has announced that it will use this newly committed capital to continue to help developers looking to build out their capital stacks and support local business communities and commercial building owners fund much needed deferred maintenance projects and save money with solar energy.

“As longstanding partners, we are confident in Greenworks’ ability to continue to provide quality assets, even in times of economic uncertainty,” said Chris Miller, Senior Director, Private Placements at Nuveen. “As founders and leaders of the C-PACE industry, Greenworks has taken center stage in establishing C-PACE as an asset class and propelling its growth nationwide.” 

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Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.