Spruce Finance Inc., a provider of consumer financing for residential solar and home efficiency improvements in the U.S., has closed a $120 million syndicated credit facility it says will support the growth of its solar lease and power purchase agreement (PPA) business. The facility, arranged by Investec, is Spruce’s first syndicated back-leveraged facility.
“Our residential solar lease and PPA, solar lending, and efficiency lending businesses are growing more than 50 percent so far this year, compared to 20 to 30 percent average growth in the residential solar industry,” claims Nat Kreamer, CEO of Spruce. “The capital markets have responded positively to that growth, and we expect to raise more financing for our solar and efficiency businesses from a variety of sources this year.”
“Spruce is building a sustainable business that brings value to all stakeholders,” says Dan Oros, partner at Kleiner Perkins Caufield & Byers and member of Spruce’s board of directors. “The Investec raise allows Spruce to grow alongside its channel partners.”