Spruce Finance has closed a $124 million debt financing deal for its portfolio of residential solar power-purchase agreements (PPAs) and leases with Vantage Infrastructure and Sequoia Economic Infrastructure Income Fund (SEQI).
The funds will provide a significant capital boost to Spruce’s M&A and organic growth objectives, as well as pay off an existing loan on its solar rooftop assets.
“To raise $124 million in debt financing in the midst of the COVID-19 crisis is not only a remarkable vote of confidence in Spruce from Vantage Infrastructure and Sequoia Investment Management, but also an affirmation of distributed solar as a sought-after asset class by the capital markets in general,” said Christian Fong, CEO of Spruce Finance. “The benefits of this new capital infusion will be seen nearly immediately, as we work toward acquiring additional solar portfolio acquisitions in the near future, and further scale up customer service.”
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