Spruce Finance, an owner-operator of distributed generation solar and United States residential energy assets, has acquired a significant portfolio of 12.1 MW of residential solar. The acquisition reflects Spruce’s growth strategy, which is centered around the continued expansion of its operating portfolio and servicing platform, the company said.
The acquisition of this portfolio, consisting of 2,169 residential PV arrays, brings Spruce’s portfolio of operational solar assets to 173 MW of primarily residential solar assets serving over 25,000 customers across 11 states. The transaction follows a recent $50 million equity investment from Spruce’s, owner HPS Investment Partners, a leading global investment firm.
“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’re 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 $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.
News item from Spruce Finance