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.
First investment: 2017
First investment amount: $1.1 million
Total invested: $1.7 million
Leverage: $46.2 million
Team lead: Ted Murphy
Greenworks Lending was acquired by Nuveen, the global investment manager of TIAA, in 2021.