Greenbacker quits distributed solar in strategic ‘narrowing down’ shift

Facebook
Twitter
LinkedIn
Reddit
Email
Source: Greenbacker

Greenbacker Renewable Energy Co has left the US residential solar market with the sale of its last two residential portfolios to Spruce Finance.

The portfolios in question comprise 27.6MW of rooftop assets, bought in a series of transactions between 2016 and 2017 for a cumulative US$34.5 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“By narrowing down our investment focus to C&I and utility-scale, we can provide strong returns for our investors through sustainable and impactful investing,” Charles Wheeler, Greenbacker chief executive officer, said in a press release about the sale on Friday.

The New York-based renewables company announced its exit from residential solar a couple days later, shortly after it revealed the purchase of a 7MW solar portfolio from HESP Solar.

San Francisco-based Spruce Finance, which specialises in small-scale solar, said that the acquisition from Greenbacker will push its portfolio beyond the 200MW mark.

Vice president of corporate development Tim Distler said on Friday that Spruce Finance sees “significant opportunity to consolidate an increasingly mature market through capital deployment.”

The offloaded portfolios, which include 3,668 sites, were sold “at a considerable premium” according to Greenbacker.

They are Spruce Finance's second largest acquisition to date.

The prospects and challenges of solar's new era in the US will take centre stage at Large Scale Solar USA 2020 (Austin, Texas, on 23-24 June 2020).

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

July 7, 2025
The board of REC Silicon is running out of time on a buyout offer by Korean conglomerate Hanwha previously dismissed as "lowball".
July 4, 2025
The US House of Representatives has passed the final version of the reconciliation bill that is now going to US President Donald Trump’s desk for his signature before its passing.
July 3, 2025
US tracker manufacturer GameChange Solar has introduced the Genius Tracker TF, a new terrain-following solar tracker system designed to deliver “the industry’s lowest grading requirement on challenging terrain.” 
July 1, 2025
Independent power producer (IPP) Arevon Energy has closed a US$600 million credit facility to support its solar PV and energy storage portfolio in the US.
June 30, 2025
Heliene has completed the sale of Section 45X Advanced Manufacturing Production Tax Credits in association with Minnesota-based U.S. Bank.
June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK