Spruce Raises Tax Equity and Project Debt Financing for $445MM of Residential Solar Systems
Spruce Finance, a provider of consumer financing for residential solar and energy efficiency improvements, has raised tax equity and project debt transactions to support $445MM in residential solar power purchase agreements (PPA) and leases in 2017.“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,” said Sean Coletta, Managing Director for Renewable Capital Markets at Spruce. In December 2016, Spruce closed a new tax equity facility with Citi that will support the purchase and installation of more than $200MM of new solar lease and PPA projects in 2017.
“Citi is proud to support Spruce Finance and its mission to make residential solar systems available to more U.S. homeowners,” said Marshal Salant, Global Head of Alternative Energy Finance at Citi. “We look forward to continuing to help Spruce expand access to residential solar and energy efficiency financing.” Spruce also closed a $105.4MM back leverage facility against existing projects, led by Investec and Silicon Valley Bank (SVB) and increased an existing back leverage facility to $140MM from $120MM. Bank United committed the additional capital.
“BankUnited is grateful for the opportunity to work with Spruce and help provide the funding it sought to grow its residential solar business,” said Justin Allbright, Vice President at BankUnited. “Spruce will continue to raise project capital in 2017 as we grow both our residential solar and energy efficiency businesses,” said Darren Thompson, Spruce’s chief financial officer.