Spruce Finance, a large private owner and operator of residential solar assets, has completed its most significant solar portfolio acquisition to date: 5,864 rooftop solar assets totaling 31.3 megawatts (MW) from funds managed by Atalaya Capital Management LP. This acquisition not only provides meaningful growth to its portfolio but also expands the assets serviced by its independent subsidiary, Energy Service Experts.
The acquisition expands Spruce’s solar portfolio to more than 180 MW.
“This acquisition solidifies our growth strategy going into 2020,” said Christian Fong, president and CEO of Spruce Finance. “By completing our largest acquisition to date, we finish a banner year in which we grew our owned portfolio by over 30%. This acquisition again demonstrates Spruce’s ability to efficiently deploy capital into seasoned portfolios of residential or small commercial solar assets. We continue to actively seek similar opportunities.”
The deal closed on December 23, 2019, with Plexus Solutions serving as an adviser to Atalaya. The terms of the deal were not disclosed.
— Solar Builder magazine