Spruce Finance, a leading owner and operator of dispersed generation solar and residential energy resources in the U.S., announced it has acquired an important portfolio of residential assets. The purchase reflects the expansion plan, which is centered around continuing growth of its portfolio and platform of Spruce.
Spruce’s acquisition of the fund, consisting of 2,169 residential solar panels in 12.1 megawatts, was closed yesterday. The purchase brings Spruce’s portfolio of usable assets that are solar to 173 MW of primarily residential solar resources serving over 25,000 clients across 11 states. The trade follows a current $50 million equity investment by the proprietor HPS Investment Partners of Spruce, a leading global investment firm with over $48 billion of assets under management, in addition to a $208 million debt funding earlier this season, completed.
“As one of the largest privately owned residential solar companies, Spruce can execute fast because of our experienced staff and adaptive funding. We are actively deploying capital into comparable opportunities in the residential and neighborhood solar division and continue to evaluate additional acquisitions”
Christian Fong, President and CEO of Spruce Finance.
Houston-based ESE manages both Spruce assets and owned portfolios. Spruce’s latest acquisition enables further efficiencies and expansion for ESE.
