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Debt & Equity

Nuveen closes on acquisition of C-PACE lender Greenworks

Greenworks Lending, the nation’s preeminent C-PACE capital provider dedicated to funding energy performance-enhancing commercial, multi-family and non-profit real estate projects, has been acquired by Nuveen, the global investment manager of TIAA.

The acquisition marks a milestone for the rapidly growing C-PACE industry as Greenworks joins an organization with $1.2 trillion in assets under management.

It gives Nuveen a foothold in the clean energy and energy efficiency lending market and will provide its clients access to an innovative and attractive clean energy investment.

C-PACE provides property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, resiliency, and renewable energy projects. As an innovator in the asset-class, Greenworks has been a market leader in the growing C-PACE industry, helping it to surpass $2 billion in transactions in 2020.


Founded in 2015 by co-founders Jessica Bailey, CEO, and Ali Cooley, CIO, Greenworks has scaled rapidly, bringing its innovative financing to commercial property owners and developers across a footprint of over two dozen states. The acquisition provides Greenworks the capital stability and springboard to further scale its business, as well as access to additional markets through Nuveen’s extensive real estate portfolio, municipal expertise, and overall strong brand. The acquisition also provides Nuveen a foothold in this nascent and rapidly growing C-PACE market, addressing an ever-increasing demand from investors for alternative ESG income.

“Greenworks was established with the mission to mitigate climate change by providing attractive capital to property owners to promote clean energy. C-PACE brings benefits to local businesses, energy security, and the environment,” said Jessica Bailey, CEO of Greenworks. “In Nuveen, we’ve found the ideal partner with a shared philosophy who will allow us to expand access to C-PACE financing for more property owners in more states. Nuveen’s diversified investment expertise in private credit, real estate and municipal finance, global reach, and 50-year heritage of responsible investing will allow us to accelerate and amplify our mission.”

“Greenworks is a pioneer in developing and scaling C-PACE as a cost-efficient marketplace solution for property owners and municipalities to pursue energy efficiency solutions for their commercial buildings,” says Jose Minaya, CEO of Nuveen. “The company is a triple-win demonstration of doing well by doing right: Investors get access to attractive yields, borrowers get a net reduction in operating costs through the utility savings, and the environment benefits too.”

The acquisition will help further propel what was once an esoteric financing mechanism into the mainstream as programs continue to emerge in states and large cities across the country.

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