Nuveen and its sustainable commercial real estate financing solutions business, Nuveen Green Capital (NGC), have raised $785 million in new capital commitments for Nuveen C-PACE Lending Fund III. The fund aims to finance energy efficiency and sustainability projects for commercial real estate through the Commercial Property Assessed Clean Energy (C-PACE) program.
C-PACE is a public-private financing program that provides building owners and developers with access to capital for commercial property improvements, with repayments made through an assessment on their property tax bill. According to Joseph Pursley, Nuveen Head of Insurance, Americas, the fund meets insurers’ requirements for longer duration, investment-grade asset-backed securities with attractive risk-adjusted returns while driving greater climate resiliency.
Nuveen’s C-PACE strategies now total over $6 billion in assets under management (AUM). The fund is part of Nuveen’s efforts to establish a foothold in the clean energy and energy efficiency lending market following its 2021 acquisition of C-PACE financing company Greenworks, later rebranded as Nuveen Green Capital.
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