CDPQ and Nuveen Green Capital have announced the launch of a $600-million real estate financing program which combines C-PACE financing with senior bridge and construction financing. The single-source program is intended to provide a source of capital for large-scale construction projects, in addition to bridge financing.
"Developing greener buildings and reducing the carbon footprint of our built environment can create significant value. Through this distinctive financing program, we are able to accelerate the implementation of environmentally sound measures for commercial real estate owners and developers," said CDPQ executive vice president Marc Cormier in a news release. "We are excited to combine our long-term capital with Nuveen Green Capital's extensive expertise to offer a sustainable integrated financing solution that fully aligns with CDPQ's climate strategy and commitment to decarbonize the real economy."
C-PACE, a financing tool intended to promote a cleaner built environment, is offered in 40 different states. Property owners can use C-PACE financing for projects which meet targets for energy efficiency, water conservation, and climate resiliency measurements.
"CDPQ's strong commitment to sustainability and track record of innovation align very well with our mission," said Nuveen Green Capital president and chief executive officer Jessica Bailey in a statement. "This program represents another exciting milestone for the C-PACE industry and Nuveen Green Capital. We are thrilled to be working with CDPQ to build this one-stop shop for bridge and construction loans to meet the growing need for commercial real estate financing."
