Deal's competitive financing terms position Spruce to expand its solar asset portfolio
HOUSTON, May 1, 2019 /PRNewswire/ -- Spruce Finance, a leading owner and operator of distributed generation solar and residential energy assets in the U.S., announced today the closing of a $208 million senior secured financing of its residential solar assets. The debt financing gives Spruce access to competitively priced capital, further optimizing its capital structure and positioning it to grow in new solar markets.
Silicon Valley Bank and ING both acted as coordinating lead arrangers and joint book runners. Key Bank acted as a joint lead arranger and there were several other participating lenders. The firms were chosen due to their position as market leaders in financing residential solar assets. Spruce's ability to access competitive debt capital markets at scale reflects its position as a trusted market leader in the solar industry. Spruce is actively pursuing acquisition opportunities to add to its 150MW portfolio.
"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, "Our strong financing and M&A capabilities, paired with our subsidiary Energy Service Experts' servicing offerings puts us in a unique position in the industry."
In November of last year, Spruce announced that it was acquired by HPS Investment Partners, a leading global investment firm with more than $48 billion of assets under management. Spruce's independent subsidiary, Energy Service Experts, services more than $1 billion of residential accounts, providing financial asset management, consumer billing and collections, fleet management and homeowner support.
About Spruce Finance
Spruce Finance owns and operates a growing portfolio of distributed generation solar and residential energy assets in the U.S. Headquartered in Houston with executive offices in San Francisco, Spruce manages or owns more than 150 MW of installed capacity and is actively acquiring operating residential and commercial and industrial solar assets and power purchase agreements in North America. Spruce's independent subsidiary, Energy Service Experts, delivers comprehensive energy servicing energy and energy efficiency customers across the U.S. Spruce Finance is owned by HPS Investment Partners, a leading investment firm with more than $48 billion of assets under management.
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