Spruce Finance raises $445 million of financing for solar projects

By Tali Rackner

Norfolk, Va., Jan. 19 – Spruce Finance raised tax equity and project debt transactions to support $445 million of residential solar power purchase agreements (PPA) and leases in 2017, according to a press release.

As previously reported, in December, the company closed a new tax equity facility with Citi that will support the purchase and installation of more than $200 million of new solar lease and PPA projects in 2017.

Spruce also closed a $105.4 million back leverage facility against existing projects, led by Investec and Silicon Valley Bank and increased an existing back leverage facility to $140 million from $120 million. Bank United committed that additional capital.

Spruce Finance is a San Francisco-based provider of consumer financing for residential solar and home efficiency improvements.

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