Future Returns: Calvert Impact Climate is offering asset-backed securities that are financing energy-efficient improvements to commercial buildings
For investors who want to have a direct impact on cutting carbon emissions, Calvert Impact Climate is issuing asset-backed securities that finance energy-efficiency improvements in commercial, industrial, and multifamily buildings and, in return, deliver a fixed interest rate of at least 5.5%.
The notes also accelerate adoption of a low-carbon building standard and remove barriers that developers have to building green, he says. With the capital provided by investors, Calvert, working with public-private partnership PACE Equity, provides developers with financing and the engineering and design assistance they need to make energy-efficient improvements.
Until this offering, most C-PACE financing has been funded by institutional investors, Conway says. Although some institutional investors, including managers of socially responsible bond funds, are snapping up securities, this offering is aimed at high-net-worth individuals, family offices, and smaller institutions, he says.For developers, the C-PACE financing replaces harder-to-get mezzanine or equity financing that they would need on top of a loan to make building improvements.
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