CDQP, Nuveen Unveil $600M Sustainable CRE Financing Program

Caisse de dépôt et placement du Québec (CDPQ) and Nuveen Green Capital (NGC) have launched a $600 million sustainable commercial real estate (CRE) financing program that combines Commercial Property Assessed Clean Energy (C-PACE) financing with senior bridge and construction financing aimed at the U.S. market.

The program will assist cost-effective energy efficiency, water conservation, renewable energy, and resiliency improvements associated with new or existing CRE developments, with the goal of lowering environmental impact and increasing built-environment sustainability, according to the CDPQ and NGC.

“Developing greener buildings and reducing the carbon footprint of our built environment can create significant value,” said Marc Cormier, EVP and head of fixed income at CDPQ. “Through this distinctive financing program, we are able to accelerate the implementation of environmentally sound measures for commercial real estate owners and developers.”

The U.S. C-PACE market eclipses $7 billion in financing activity across more than 2,300 projects, according to NGC. In 2023, the Nuveen affiliate provided 41% of the total C-PACE originations volume.