March 5 (Renewables Now) - Spruce Finance, a Texas-based solar asset manager, has completed the acquisition of a 27.6-MW portfolio of distributed generation (DG) solar projects for an undisclosed sum.
The purchase of the 3,668 rooftop photovoltaic (PV) assets represents Spruce Finance’s second-largest acquisition to date and boosts its solar portfolio to over 200 MW, the company said on Wednesday. The seller is New York-based Greenbacker Renewable Energy Co.
“With more than two million residential systems installed over the last decade, we see significant opportunity to consolidate an increasingly mature market through capital deployment alongside best-in-class servicing,” said Tim Distler, vice president of corporate development at Spruce Finance. He noted that expanding asset ownership is a pivotal aspect of the company’s strategy.
The acquisition follows Spruce Finance’s purchase of a 31.3-MW rooftop solar portfolio from Atalaya Capital Management at end-2019. A total of 5,864 rooftop solar facilities were in that bundle.