Spruce Finance Acquires 5864 Rooftop Solar Assets Worth 31.3 MW

• Spruce Finance has completed its most significant solar portfolio acquisition to date, with the purchase of 5,864 rooftop solar assets totaling 31.3 MW

Spruce Finance, one of the largest private owner and operator of residential solar assets in the US, has completed its most significant solar portfolio acquisition to date. Spruce’s purchase of 5,864 rooftop solar assets totaling 31.3 megawatts (MW) from funds managed by Atalaya Capital Management not only provides meaningful growth to its portfolio but also expands the assets serviced by its independent subsidiary, Energy Service Experts. The acquisition expands the firms’ 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 percent. 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.”

In May 2019, the firm had announced the successful closing of a USD 208 million senior secured financings of its residential solar assets. The debt financing gave Spruce access to competitively priced capital, improve its capital structure and help the company grow in new solar markets.

“As the solar financing landscape continues to evolve, we see an opportunity to grow our portfolio while providing integrated services,” Fong had said at the time. “Our strong financing and M&A capabilities, paired with our subsidiary Energy Service Experts’ servicing offerings put us in a unique position in the industry.”

In November 2018, Spruce announced that it was acquired by HPS Investment Partners, a leading global investment firm with more than USD 48 billion of assets under management. Spruce’s independent subsidiary, Energy Service Experts, services more than USD 1 billion of residential accounts, providing financial asset management, consumer billing and collections, fleet management and homeowner support.