Spruce Finance completes sale of US$250 million solar, energy efficiency loan portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
This stands as the second major sale of loan assets for Spruce. Image: Michael Linksvayer / Flickr

Spruce Finance announced Wednesday that it has completed a whole loan sale of US$250 million of its efficiency and solar loan portfolio to a North American bank with an expertise in consumer loan assets.

This stands as the second major sale of loan assets for the company, with Spruce expecting the sale to serve as a foundation for future loan flow sales transactions.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Steve Olszewski, Spruce’s chief operating officer, said: “We’re pleased about institutional investors’ growing confidence in the lending market for renewable and energy efficient home technologies. These loans, with terms of seven to 20 years, allow for financing that better matches the useful life of the asset, creating much better value for the consumer. The capital unlocked from this transaction, combined with incremental capital recently provided by a global investment firm, will support the future growth of our business.”

Back in January, Spruce secured US$445 million in debt financing for residential solar systems. In December 2016, Spruce closed a new tax equity facility with Citi that will advance the purchase and installation of more than US$200 million of new PV lease and PPA projects in 2017.

Read Next

June 23, 2023
Senegal has announced a partnership with several countries and the EU to accelerate renewable energy deployment, receiving €2.5 billion (US$2.71 billion) new and additional financing starting from 2023.
June 9, 2023
Independent power producer (IPP) AMPYR Solar Europe has secured a €200 million (US$215 million) framework project finance facility with Dutch bank Rabobank.
Premium
February 10, 2023
European PV manufacturers have welcomed the Green Industrial Plan but more needs to be done to support companies facing high power prices.
January 16, 2023
Higher interest rates in the second half of the year slowed down corporate funding in the global solar sector to US$24.1 billion in 2022, according to research from Mercom Capital Group.
April 7, 2021
Spanish renewables firm Ecoener has become the latest Spanish renewables company to plan an Initial Public Offering (IPO).
September 2, 2020
Mainstream Renewable Power has reached financial close for the second phase of its 1.3GW Andes Renovables wind and solar power generation platform in Chile.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines