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Commercial real estate lender Greenworks Lending, which focuses on funding energy efficiency projects for multifamily and other real estate projects, has been bought by an arm of a large pension fund.

Nuveen, the global investment manager for TIAA, bought the Darien-based firm for an undisclosed sum according to an announcement from Nuveen.

Greenworks offers C-PACE capital, which provides property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, resiliency and renewable energy projects. Greenworks surpassed $2 billion in transactions in 2020, Nuveen said, and the acquisition will give it the capital stability to grow and access new markets through Nuveen’s own real estate portfolio. In return, Nuveen gets access to a product which can satisfy the increasing demand from investors for ESG, or “enviromental, social and governance,” opportunities.

“Greenworks was established with the mission to mitigate climate change by providing attractive capital to property owners to promote clean energy. C-PACE brings benefits to local businesses, energy security, and the environment,” Greenworks CEO Jessica Bailey said in a statement. “In Nuveen, we’ve found the ideal partner with a shared philosophy who will allow us to expand access to C-PACE financing for more property owners in more states. Nuveen’s diversified investment expertise in private credit, real estate and municipal finance, global reach, and 50-year heritage of responsible investing will allow us to accelerate and amplify our mission.”

“Greenworks is a pioneer in developing and scaling C-PACE as a cost-efficient marketplace solution for property owners and municipalities to pursue energy efficiency solutions for their commercial buildings,” Nuveen CEO Jose Minaya said in a statement. “The company is a triple-win demonstration of doing well by doing right: Investors get access to attractive yields, borrowers get a net reduction in operating costs through the utility savings, and the environment benefits too.”