The Cut Carbon Note, an investment-grade, asset-backed fixed income product issued by Calvert Impact closed its second series. The innovative investment Note, which allows individual investors to participate directly in the C-PACE funding market, won this year’s NYU School of Law Grunin Prize for Law and Social Entrepreneurship.
The new $18.8 million issuance brings the portfolio to over $52 million in sustainability upgrades for commercial and multifamily buildings, one of the leading sources of carbon emissions. Projects such as the redevelopment of a former warehouse into the modern manufacturing plant for LactaLogics and the redevelopment of a former manufacturing plant into a mixed-use, vibrant living and working community called Colman Yards.
Most of the projects in the Cut Carbon Note portfolio adhere to the CIRRUS™ Low Carbon Standard, the only private financial product to offer lower financing rates when developed to a lower carbon design. By building to this standard, developers take advantage of a substantial rate reduction in addition to lower energy bills and carbon emissions. Through investing in the Cut Carbon Note, retail and institutional investors are directly supporting the decarbonization of the built environment.
