Spruce Financial closes $208 million secured senior financing of its owned residential solar assets

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The revived Spruce Finance, focused now as an owner and operator of distributed generation solar and residential energy assets, just announced the closing of a $208 million senior secured financing of its residential solar assets. The debt financing gives Spruce access to competitively priced capital, further optimizing its capital structure and positioning it to grow in new solar markets.

Silicon Valley Bank and ING both acted as coordinating lead arrangers and joint book runners. Key Bank acted as a joint lead arranger and there were several other participating lenders. Spruce’s ability to access competitive debt capital markets at scale reflects its position as a trusted market leader in the solar industry. Spruce is actively pursuing acquisition opportunities to add to its 150 MW portfolio.

“As the solar financing landscape continues to evolve, we see an opportunity to grow our portfolio while providing integrated services,” said Christian Fong, president and CEO of Spruce Finance, “Our strong financing and M&A capabilities, paired with our subsidiary Energy Service Experts’ servicing offerings puts us in a unique position in the industry.”

In November of last year, Spruce announced that it was acquired by HPS Investment Partners, a leading global investment firm with more than $48 billion of assets under management. Spruce’s independent subsidiary, Energy Service Experts, services more than $1 billion of residential accounts, providing financial asset management, consumer billing and collections, fleet management and homeowner support.

— Solar Builder magazine

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