May 15 (Renewables Now) - US distributed generation solar plants operator Spruce Finance has acquired the 53-MW rooftop solar portfolio of power company Clearway Energy Inc (NYSE:NYLD) in a deal that is anticipated to bring “strong and stable returns.”
Houston-based Spruce Finance unveiled the purchase on Thursday and said it will expand its portfolio of rooftop solar assets by 20% to over 250 MW, in line with its growth strategy. Although the value of the acquisition was not available, the buyer said that the acquisition was partly financed with funds from its recent USD-124-million (EUR 114.8m) debt financing for its residential solar power purchase agreements (PPAs) and leases, completed earlier in May.
"Despite the current global crisis, we expect strong and stable returns—both financial and environmental—from investing in a renewable future," said Christian Fong, CEO of Spruce Finance.
Separately, Spruce Finance’s independent subsidiary Energy Service Experts (ESE), which is involved in the residential solar servicing business, has formed a transitional asset management services partnership with NRG.
(USD 1.0 = EUR 0.926)