Case Studies

Darien, Connecticut

Greenworks Lending

Greenworks Lending is the largest provider of commercial property assessed clean energy financing in the United States. An innovative financing mechanism enabled by state policy, C-PACE provides commercial property owners and developers with low-cost, long-term, fixed-rate financing for energy efficiency, water conservation and renewable energy projects, helping them reduce their energy bills and lower their carbon footprint. Led by several of the C-PACE industry’s founding policy developers and standard-setters, Greenworks Lending is active in more than 25 states and has provided financing for hundreds of projects across the country.

“In 2012, Greenworks co-founders Jessica Bailey and Ali Cooley launched the country’s first successful C-PACE program while working at the Connecticut Green Bank. Under their leadership, the program not only grew rapidly, but also quickly became the standard for C-PACE programs across the country,” said Ted Murphy, senior vice president of venture lending for Connecticut Innovations.

 

the support and resources

Milestones

Founded 2015

Acquired 2021

 

Team

Jessica Bailey

Alexandra Cooley

 

CI Highlights

First investment: 2017

First investment amount: $1.1 million

Total invested: $1.7 million

Leverage: $46.2 million

Team lead: Ted Murphy

 

Jobs Created

21

In 2017, the Greenworks team completed the industry’s first rated securitization of C-PACE assets, a feat they repeated the following year. “Jessica, Ali, and their team built Greenworks from an idea into a global leader in the cleantech finance marketplace,” said Matt McCooe, CEO of Connecticut Innovations.
Matt McCooe
CEO, Connecticut Innovations
the outcome

Greenworks Lending was acquired by Nuveen, the global investment manager of TIAA, in 2021.