Spruce Finance, an owner-operator of distributed technology solar and United States residential energy property, has acquired a big portfolio of 12.1 MW of residential solar. The acquisition displays Spruce’s development technique, which is centered across the continued enlargement of its working portfolio and servicing platform, the corporate mentioned.
The acquisition of this portfolio, consisting of 2,169 residential PV arrays, brings Spruce’s portfolio of operational solar property to 173 MW of primarily residential solar property serving over 25,000 prospects throughout 11 states. The transaction follows a latest $50 million fairness funding from Spruce’s, proprietor HPS Investment Partners, a number one world funding agency.
“This acquisition reflects Spruce’s strategy of expanding by acquiring seasoned solar portfolios and adding value through best-in-class servicing,” mentioned 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’re actively deploying capital into similar opportunities in the residential and community solar space and continue to evaluate additional acquisitions.”
The residential solar property can be serviced by Spruce’s unbiased subsidiary, Energy Service Experts (ESE), which offers asset administration companies to greater than $1 billion of residential solar property. Houston-based ESE manages each Spruce’s personal property and third-party-owned portfolios. Spruce’s newest acquisition allows additional enlargement and efficiencies for ESE.
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