Greenworks arranges US$440m for clean-energy real estate

New York

GREENWORKS Lending, which provides financing to commercial-property owners working to boost building efficiency, has arranged US$440 million in funding for sustainability and clean energy.

The deals are in three parts: CarVal Investors committed US$250 million to fund new projects, along with a US$40 million corporate investment, according to a statement Monday. Greenworks, which finances clean-energy systems through a model called PACE that is repaid through property-tax assessments, also sold a second set of bonds worth US$150 million. It completed its first such bond sale about 14 months ago.

"It shows that the first time wasn't a fluke," Alexandra Cooley, Greenworks's chief operating officer, said in an interview. "It's repeatable."

Guggenheim Securities arranged the deal and the notes were purchased by TIAA Investments, according to a separate statement from Darien, Connecticut-based Greenworks. Terms weren't disclosed. BLOOMBERG