CDPQ and Nuveen Green Capital's Milestone Sustainability Program
Innovative Financing for Sustainable Development
CDPQ, a prominent global investment group, has partnered with Nuveen Green Capital (NGC) to launch a groundbreaking finance initiative worth USD 600 million aimed at fostering sustainable commercial real estate development. This unique program integratively combines Commercial Property Assessed Clean Energy (C-PACE) financing with senior bridge and construction loans, effectively serving as a one-stop solution for the rapidly increasing demand for eco-friendly financing options.
Comprehensive Support for Real Estate Projects
The newly established financing program is designed to facilitate energy efficiency improvements, enhance water conservation efforts, support renewable energy projects, and bolster the overall resiliency of new and existing commercial real estate (CRE) developments. The overarching goal remains clear: to significantly minimize environmental impact and elevate the sustainability profile of the constructed environment.
A Turnkey Solution for Developers
This comprehensive program offers developers access to flexible and committed capital, acting as a crucial source for large-scale construction initiatives and bridge financing. By streamlining the financial process, the partners aim to encourage a wider adoption of sustainable practices in commercial buildings. With NGC's reputation as a leading provider of C-PACE financing across the U.S., they will take on the pivotal role of sourcing agent for this collaborative financing effort.
Driving Sustainability with Smart Financing
According to Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ, "By developing greener buildings and mitigating our carbon footprint, we can create considerable value. This innovative financing initiative will aid commercial real estate owners and developers in hastening the deployment of environmentally responsible solutions.”
Endorsements from Leadership
Jessica Bailey, President and CEO of Nuveen Green Capital, expressed her enthusiasm, stating that CDPQ’s commitment to sustainability and track record resonate well with their mission. "This program marks a significant advancement for the C-PACE sector and reinforces our collaboration to build a comprehensive finance platform for commercial real estate financing," she added.
Support for Sustainable Development Goals
The integrated financing program aligns seamlessly with the U.N. Sustainable Development Goals, promoting a cleaner and safer built environment. In the 40 states where C-PACE financing is available, commercial property owners can access long-term financing opportunities that enhance energy efficiency, promote renewable energy, and ensure climate resilience.
Pioneering the C-PACE Landscape
NGC has been at the forefront of establishing the C-PACE asset class since its inception in 2014. Today, the U.S. C-PACE market boasts over USD 7 billion in financing across more than 2,300 projects, making NGC a dominant force with 41% of total C-PACE originations in 2023.
About CDPQ
CDPQ is dedicated to investing constructively for sustainable long-term returns. As a global investment group managing funds for public pension and insurance plans, they actively participate across major financial markets, including private equity, infrastructure, real estate, and private debt. As of recent reports, CDPQ’s net assets total approximately CAD 452 billion.
About Nuveen Green Capital
Nuveen Green Capital is recognized nationally for its leadership in sustainable commercial real estate financing solutions, represented as an affiliate of Nuveen, the investment manager responsible for managing over USD 1 trillion in assets. Focused on making sustainability a financially viable option, NGC assists commercial real estate owners in enhancing the energy efficiency, water conservation, and overall resilience of their properties.
Contact Information
For inquiries or additional information regarding CDPQ and Nuveen Green Capital, you may reach out to:
CDPQ
Conrad Harrington
Senior Director – International Media Relations
Phone: +1 514 847-5493
Email: charrington@cdpq.com
Nuveen Green Capital
Jamie McCorry
Vice President, Marketing & Communications
Phone: +1 959 261-8689
Email: jamie.mccorry@nuveen.com
Frequently Asked Questions
What is the purpose of the new financing program?
The program aims to provide integrated financing solutions for sustainable commercial real estate developments, promoting energy efficiency and reducing environmental impacts.
How does C-PACE financing work?
C-PACE financing allows commercial property owners to secure long-term funding for energy improvements and renewable energy projects tied to their properties.
Why is sustainability important in real estate?
Sustainability in real estate helps lower carbon emissions, enhance resource efficiency, and create healthier communities.
How much capital is involved in the initiative?
The program represents a total of USD 600 million aimed at advancing sustainable real estate projects across the U.S.
Who are the key players involved in this initiative?
The initiative is a collaboration between CDPQ, a global investment group, and Nuveen Green Capital, a leader in sustainable financing.
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