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Spruce Finance acquires residential solar asset portfolio
Real Estate - JULY 12, 2019

Spruce Finance acquires residential solar asset portfolio

by Released

Spruce Finance, a leading owner and operator of distributed generation solar and residential energy assets in the United States, has acquired a significant portfolio of residential assets.

The acquisition reflects Spruce’s growth strategy, which is centered around continued expansion of its operating portfolio and servicing platform.

Spruce’s acquisition of the fund, consisting of 2,169 residential solar systems totaling 12.1 megawatts, was closed yesterday.

The purchase brings Spruce’s portfolio of operational solar assets to 173 megawatts of primarily residential solar assets serving over 25,000 customers across 11 states.

The transaction follows a recent $50 million equity investment from Spruce’s owner HPS Investment Partners, a leading global investment firm with over $48 billion of assets under management, as well as a $208 million debt financing completed earlier this year.

The residential solar assets will be serviced by Spruce’s independent subsidiary, Energy Service Experts (ESE), which provides asset management services to more than $1 billion of residential solar assets. Houston-based ESE manages both Spruce’s own assets and third-party owned portfolios. Spruce’s latest acquisition enables further expansion and efficiencies for ESE.

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