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Quebec  + Canada + Cross Border News  + Finance  | 
Data centre campus in Quebec City.

Caisse, Nuveen Launch US$600M Green CRE Development Financing Program

Caisse de dépôt et placement du Québec (CDPQ) and Nuveen have launched a US$600-million green commercial real estate development financing program for new and retrofit projects.

U.S.-based Nuveen is participating through subsidiary Nuveen Green Capital (NGC.) Nuveen is a global investment and development giant.

The program combines Commercial Property Assessed Clean Energy (C-PACE) financing with senior bridge and construction financing aimed at the U.S. market. The effort is designed to support cost-effective energy efficiency, water conservation, renewable energy, and resiliency improvements.

The ultimate goal to lower developments’ environmental impact and increasing built-environment sustainability, according to Montreal-based CDPQ and Nuveen.

“Developing greener buildings and reducing the carbon footprint of our built environment can create significant value,” said Marc Cormier, executive vice-president 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.

Photo: CDPQ

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Inside The Story

Marc CormierNuveen Green Capital

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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