Greenworks Arranges $440 Million for Clean-Energy Real Estate

Greenworks Lending, which provides financing to commercial-property owners working to boost building efficiency, has arranged $440 million in funding for sustainability and clean energy.

The deals are in three parts: CarVal Investors committed $250 million to fund new projects, along with a $40 million corporate investment, according to a statement Monday. Greenworks, which finances clean-energy systems through a model called PACE that is repaid through property-tax assessments, also sold a second set of bonds worth $150 million. It completed its first such bond sale about 14 months ago.

“It shows that the first time wasn’t a fluke,” Alexandra Cooley, Greenworks’s chief operating officer, said in an interview. “It’s repeatable.”

Guggenheim Securities arranged the deal and the notes were purchased by TIAA Investments, according to a separate statement from Darien, Connecticut-based Greenworks. Terms weren’t disclosed.