Spruce Finances buys more rooftop PV assets from NRG, WEC
Rooftop solar array. Featured Image: Ralf Gosch/Shutterstock.com
US distributed generation solar plants operator Spruce Finance has grown its rooftop solar portfolio to 337 MW with two new acquisitions, one of which from NRG.
In one of the transactions, Spruce has acquired the balance of NRG's residential holdings totalling 60 MW from 8,984 photovoltaic (PV) arrays, the buyer said on Tuesday. It has struck a deal with WEC Energy Group to purchase 1,047 rooftop solar installations that were managed by its Energy Service Experts (ESE) subsidiary.
The value of the two deals was not disclosed but Spruce said it will pay for the new assets with partial drawings from a new USD-150-million (EUR 126.2m) senior credit facility.
Following the latest acquisitions, Spruce has expanded its rooftop solar assets to 337 MW in total, achieving an over 100% portfolio growth in the last 12 months. Earlier this year, the Houston-based firm added almost 112 MW to its residential solar portfolio with new buys. One of these was the acquisition of the 53-MW rooftop solar portfolio of power company Clearway Energy Inc (NYSE:NYLD).
“Spruce is actively pursuing other acquisition and strategic opportunities in residential, community, and commercial and industrial solar,” the company said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.