Spruce Finance obtains USD 208m financing for residential solar

Solar array. Author: h080.

May 2 (Renewables Now) - US distributed generation solar plants operator Spruce Finance has closed a USD-208-million (EUR 186m) senior secured financing of its residential solar assets, it announced on Wednesday.

Spruce said in a statement that this debt financing provides access to competitively priced capital, which in turn will further optimise its capital structure and position the company to grow in new solar markets.

"As the solar financing landscape continues to evolve, we see an opportunity to grow our portfolio while providing integrated services," said Christian Fong, president and CEO of Spruce Finance.

Silicon Valley Bank and ING served as coordinating lead arrangers and joint book runners, while Key Bank acted as a joint lead arranger.

Houston-based Spruce acquires operating residential and commercial and industrial (C&I) solar plants, as well as power purchase agreements (PPAs), in North America. Presently, it manages or owns over 150 MW of installed capacity. The firm is owned by HPS Investment Partners.

(USD 1.0 = EUR 0.893)

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