Spruce secures US$445 million in debt financing for residential PV systems

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Thanks to a new tax equity with Citi, Spruce will be able to advance the purchase of over US$200 million in new solar lease and PPA projects. Image: Michael Linksvayer / Flickr

Spruce Finance announced Thursday that has raised tax equity and project debt transactions in order to support US$445 million in residential solar power purchase agreements and leases in 2017.

Sean Coletta, managing director for renewable capital markets at Spruce, said: “Spruce’s proven record of growth, strong risk management and reliable returns has allowed us to raise capital from a variety of sources at attractive terms.”

Back in December 2016, Sruce 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.

Marshal Salant, Global Head of Alternative Energy Finance at Citi, said: “Citi is proud to support Spruce Finance and its mission to make residential solar systems available to more U.S. homeowners. We look forward to continuing to help Spruce expand access to residential solar and energy efficiency financing.”

Spruce also closed a US$105.4 million back leverage facility against existing projects — led by Investec and Silicon Valley Bank (SVB) — while also building up an existing back leverage facility from US$120 million to US$140 million. Bank United provided the additional capital in the deal.

Darren Thompson, Spruce’s chief financial officer, added: Spruce will continue to raise project capital in 2017 as we grow both our residential solar and energy efficiency businesses.”

Read Next

June 22, 2017
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.
December 23, 2016
Spruce Finance, a provider of consumer financing for residential solar and home efficiency improvements, has closed a US$105.4 million round of debt financing with Investec and Silicon Valley Bank (SVB) as the lead arrangers.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021