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DARIEN, CT—Locally-based Greenworks Lending is on track to help between 150 and 200 businesses and developers throughout the US build on their green initiatives. The company just announced it has raised $150 million in committed capital from Nuveen, which is the investment manager of TIAA.
In addition, COO Alexandra Cooley told GlobeSt.com that Greenworks has started to focus its marketing on several online initiatives to continue to build the business, even as COVID-19 concerns have put a halt to events and in-person meetings. Greenworks was founded in 2015 and is the nation's largest provider of C-PACE financing.
According to Cooley, its primary online initiatives will be:
- A robust email marketing platform
- Hosting a series of webinars to stay engaged with the C-PACE community and the company's clients and prospects
- Increased digital advertising because, Cooley said, "We've always known the importance of digital marketing, but given the current environment, we have pivoted to investing additional resources here."
The money Greenworks raised last week, Cooley said, would be used to help companies go green in a variety of ways.
That money, Cooley said, provides financing for different commercial property owners that want to update their buildings with energy efficiency upgrades like HVAC and heating and cooling; renewable energy such as solar panels; or even things like earthquake resilience in places like California.
Examples of companies using the new infusion of money, Cooley said, includes $350,000 for a solar addition for a small organization in northwestern Connecticut. The solar addition, she said, will result in $2 dollars of energy savings for every $1 of C-PACE.
The average loan size, Cooley said, is between $1 and $2 million.
The $150 million in committed capital, Cooley said, "is good news for developers and small businesses."
"It's good news, especially now in the volatile times we are living in," she said. "Companies are looking to preserve cash. If a company has to pay for heating and cooling, for example, it could take several years to recoup the investment if they are paying cash. By going with Greenworks, it benefits them because they can pay us back over time."
Those receiving financing from Greenworks pay the company back via a property tax assessment that can go out over 30 years. The interest, Cooley said, varies depending on the term and the project.
The $150 million in committed capital marks the firm's third investment from Nuveen, totaling $375 million.
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Robert Storace
Robert Storace covers legal trends, lawsuits and analysis for the Connecticut Law Tribune. Follow him on Twitter @RobertSCTLaw or reach him at 203-437-5950.
