Only Investment-Grade Retail Product in
the C-PACE Industry
Building the future we want
Calvert Impact Capital offers the Cut Carbon Note which provides investors with an opportunity to fund greener buildings and create a more sustainable future. The Cut Carbon Note is a secured, investment-grade rated, fixed-income product that funds PACE Equity CIRRUS Low Carbon buildings.
The Cut Carbon Note closed its third issuance in March 2025, surpassing $100 million in investments. Sixty percent of the projects in the Cut Carbon Note portfolio go beyond standard Commercial Property Assessed Clean Energy (C-PACE) requirements and meet the CIRRUS™ Low Carbon Standard. The cumulative impact of the product is projected to eliminate over 206,000 metric tons of carbon emissions and reduce energy costs by $69 million.
Learn more about our CIRRUS Low Carbon financing option, where you qualify for a lower rate when you build a lower carbon building. Meet with a PACE Equity Managing Director to get started.
Innovating for Impact
The C-PACE industry continues to grow as developers and owners recognize the many benefits of the gap-filling, long-term, fixed-rate financing solution. PACE Equity has led the industry’s profound growth over the past decade with many “funding firsts” including:
- FIRST new construction PACE projects
- FIRST retroactive refinancing PACE projects
- FIRST PACE projects to incorporate HTC, NMTC, OZ, TIF, Brownfields.
- FIRST AND LARGEST PACE projects in many states and cities
With the introduction of our CIRRUS program in 2021, we continued to deliver with an industry-leading innovation – now focused on driving even more impact.
- FIRST to deliver financing that drives impact by incentivizing low carbon building practices with lower rates.
- FIRST asset underwriter and originator to provide impact investors with the opportunity to fund greener buildings and create a more sustainable future.
- FIRST to innovate for impact. It’s what we do.
