Spruce Finance gets USD 50m in equity funding

Residential solar system. Author: mjmonty. License: Creative Commons, Attribution 2.0 Generic.

May 17 (Renewables Now) - Spruce Finance, a Texas-based solar asset manager, has received USD 50 million (EUR 44.8m) in equity funding from its owner HPS Investment Partners LLC in a bid to grow its portfolio in the US.

Spruce, acquired by HPS last November, owns and operates distributed generation solar and residential energy assets totalling 150 MW in the US. The firm is now evaluating community and commercial solar assets, it announced on Thursday.

Earlier this month, Spruce closed a USD-208-million senior secured financing of its residential solar assets.

Spruce recently signed Tim Distler to serve as vice president of corporate development and lead the firm’s project finance and mergers and acquisitions (M&A) segment.

"The continued support of HPS, paired with Tim's M&A expertise, ensures that we have both the capital and the capabilities needed to acquire attractive portfolios," Spruce Finance president and CEO Christian Fong said.

(USD 1.0 = EUR 0.89)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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