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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
HDB resale prices up 1.8% in Q1; rental market slows down
Singapore’s private home prices up 1.4% in Q1, rents drop by 1.9%: URA
OUE wins tender to lease, develop new ‘zero-energy’ hotel at Changi Airport’s T2
Singapore office rents in central region fall 1.7 per cent in Q1 over Q4: URA
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year