Spruce Finance, a leading owner and operator of distributed generation solar and residential energy assets in the US, announced it has acquired a significant portfolio of residential assets. The acquisition reflects Spruce’s growth strategy, which is centered around continued expansion of its operating portfolio and servicing platform.
Spruce’s acquisition of the fund, consisting of 2,169 residential solar systems totaling 12.1 megawatts, was closed yesterday. The purchase brings their portfolio of operational solar assets to 173 MW of primarily residential solar assets serving over 25,000 customers across 11 US states. The transaction follows a recent US$50 million equity investment from Spruce’s owner HPS Investment Partners, a leading global investment firm with over US$48 billion of assets under management, as well as a US$208 million debt financing completed earlier this year.
Continue to evaluate additional acquisitions
“This acquisition reflects Spruce’s strategy of expanding by acquiring seasoned solar portfolios and adding value through best-in-class servicing,” said Christian Fong, president and CEO of Spruce Finance. “As one of the largest privately owned residential solar companies, Spruce is able to execute quickly due to our experienced team and flexible capital. We are actively deploying capital into similar opportunities in the residential and community solar space and continue to evaluate additional acquisitions.”
The residential solar assets will be serviced by Spruce’s independent subsidiary, Energy Service Experts (ESE), which provides asset management services to more than US$1 billion of residential solar assets. Houston-based ESE manages both Spruce’s own assets and third-party owned portfolios. Spruce’s latest acquisition enables further expansion and efficiencies for ESE. (mfo)
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