Spruce closes $208 million financing of residential solar assets

By Sarah Lizee

Olympia, Wash., May 1 – Spruce Finance closed a $208 million senior secured financing of its residential solar assets, according to a press release.

The debt financing gives Spruce access to “competitively priced capital, further optimizing its capital structure and positioning it to grow in new solar markets,” the company said.

Silicon Valley Bank and ING both acted as coordinating lead arrangers and joint bookrunners. Key Bank acted as a joint lead arranger, and there were several other participating lenders.

Spruce said it is actively pursuing acquisition opportunities to add to its 150MW portfolio.

“As the solar financing landscape continues to evolve, we see an opportunity to grow our portfolio while providing integrated services,” Christian Fong, president and chief executive officer of Spruce Finance, said in the release.

“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.”

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

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