C
DPQ and Nuveen Green Capital have launched a $600 million program to finance sustainable commercial real estate investments. The initiative combines senior and Commercial Property Assessed Clean Energy (C-PACE) financing, allowing property owners to cover upfront costs for energy-efficient projects.

    The program aims to reduce the environmental impact of commercial developments by supporting energy efficiency, water conservation, renewable energy, and resiliency improvements. It will provide flexible capital for new construction and bridge financings across various asset classes and markets.

    C-PACE is a financing mechanism that enables building owners to secure low-cost, long-term funding for energy-efficient projects through property assessments. This structure addresses concerns about the upfront costs of energy improvements by tying the debt to the property rather than the owner.

    According to Marc Cormier, Executive Vice-President at CDPQ, "Developing greener buildings can create significant value and reduce carbon footprints." Jessica Bailey, President and CEO of Nuveen Green Capital, added that the program represents a milestone for the C-PACE industry and aligns with their mission to support sustainable investments.