During a period in which clean energy is under scrutiny — and nearly all green energy projects are being halted by the influence of the federal government — New Jersey apparently is doubling-down on energy projects that were hot just a few years ago.
On Thursday, the N.J. Economic Development Authority and Nuveen Green Capital announced the closing of a $101 million loan under the Garden State Commercial Property Assessed Clean Energy, or C-PACE, program to support construction at Lionsgate Studios Newark.
The financing, administered alongside senior lender MCCP, marks both the largest C-PACE transaction ever closed in New Jersey and the first in the city of Newark.
The money will fund seven electric vehicle charging stations and a 1.1 megawatt solar power system expected to generate 1.34 million kilowatt-hours annually. Energy-efficient building systems — including the building envelope, lighting and HVAC — are projected to cut electricity consumption by 388,000 kilowatt-hours a year, while water conservation measures are expected to save 259,000 gallons annually.
EDA CEO Evan Weiss said the project reflects the state’s broader push on energy and economic development.
“Gov. Sherrill has taken meaningful action throughout her first year in office to expand power generation, cut red tape for businesses, lower costs for New Jerseyans, and strengthen the state’s high-growth industries,” Weiss said.
“To advance the governor’s efforts, the NJEDA continues to make impactful investments through its clean energy programs, and support for Lionsgate under the Garden State C-PACE Program exemplifies the tremendous economic opportunities available for businesses while simultaneously bolstering the state’s booming film and television industry.”
Mike Doty, senior director of originations at Nuveen Green Capital, said the deal shows how C-PACE financing can work at scale.
“We are thrilled to partner with NJEDA as well as MCCP to capitalize this significant project, which marks not one, but two milestones, as the largest C-PACE transaction ever closed in New Jersey and the first in the city of Newark,” Doty said. “Through C-PACE, the sponsor will realize meaningful cost savings by financing eligible improvements at a competitive rate over a longer term, preserving capital that can be redeployed into the development itself.”
The Garden State C-PACE Program lets property owners repay financing through a special property assessment, similar to a real estate tax bill, rather than a traditional loan — a structure that typically results in lower-cost, longer-term financing. The program has closed more than $176 million in financing statewide since launching in July 2025.
Here’s how it will work in Newark.
The 12-acre studio will feature six soundstages built to handle simultaneous film and TV productions, along with mill shops for set construction, production offices and equipment storage space. The project will also provide career training for Newark high school students. Construction is expected to wrap in 2027.
Lionsgate Studios Newark, owned and operated by Great Point Studios, was designated New Jersey’s first-ever Studio Partner in December 2022, a status that gives the company access to expanded benefits under the state’s Film and Digital Media Tax Credit program, including potential eligibility for a 40% base tax credit on qualified production expenses for future New Jersey projects. In exchange, Lionsgate committed to occupying a New Jersey production facility for at least 10 years.
The studio adds to a wave of new production infrastructure in the state. New Jersey’s film production spending hit an estimated $834 million in 2024, breaking the previous record of $701 million set in 2022. Netflix’s studio at Fort Monmouth and 1888 Studios in Bayonne are also expanding the state’s production capacity alongside Lionsgate’s Newark project.
Robert Halmi, founder and CEO of Great Point Studios, said Newark’s location made it a natural fit.
“Newark represents one of the most exciting opportunities for the future of film and television production,” he said. “This financing is an important milestone that allows us to bring a world-class, purpose-built studio to a city with tremendous potential. Lionsgate Newark will deliver sustainable infrastructure that supports the next generation of film and television production while creating high-quality jobs, supporting local businesses, and helping establish Newark as a new center for creative and economic growth.”
Newark Mayor Ras Baraka said the project’s impact on the South Ward goes beyond the studio itself.
“As large and as creative as this complex financial transaction is, it is dwarfed by the enormous benefit it bestows on the people of our city,” he said. “Rising from a long-neglected expanse of land in the South Ward, this investment brings palpable hope in the form of forward-facing infrastructure, job creation and over-arching economic development.”
