In a groundbreaking collaboration with Calvert Impact Climate, Inc., PACE Equity has successfully closed the initial offering of the Cut Carbon Note. This innovative green bond presents an opportunity for both individual and institutional investors to support the advancement of low-carbon commercial real estate projects through C-PACE financing.
The Cut Carbon Note is an investment-grade, fixed-income product backed by assets that finances energy-efficient and carbon-reducing improvements in commercial buildings. The first series will fund twelve building projects, resulting in a cumulative reduction of 82,856 metric tons of carbon emissions, 38.7 million gallons of water conservation and $21.5 million in energy cost savings.
According to Tricia Baker, Senior Vice President at PACE Equity responsible for Strategy & Impact: “The successful closing of our first Cut Carbon Note series demonstrates the high demand for direct green investments as well as interest in supporting low-carbon development within the commercial sector. Investors participating in this unique partnership are true pioneers.”
