July 12 (Renewables Now) - Spruce Finance, a Texas-based solar asset manager, has purchased a 12.1-MW portfolio of residential solar photovoltaic (PV) systems in line with its strategy to further expand in the US.
Following the transaction, which was closed on Thursday, the company boosted the overall capacity of its operational solar assets to 173 MW, most of which are residential facilities. It is now “actively deploying capital into similar opportunities” and continues to evaluate additional purchases, president and CEO Christian Fong said in a press release.
The newly-acquired assets expanded Spruce’s portfolio with 2,169 residential PV systems. They will be serviced by its independent subsidiary Energy Service Experts, which has over USD 1 billion (EUR 887.1m) of residential solar assets under management.
The deal comes two months after HPS Investment Partners LLC, Spruce’s owner, made a USD-50-million equity investment in the company to support it in growing its portfolio.
(USD 1.0 = EUR 0.887)