Spruce Finance, a private owner and operator of distributed-generation solar and residential energy assets in the U.S., has completed its second-largest acquisition to date.
The purchase of 3,668 rooftop solar assets totaling 27.6 MW from Greenbacker Renewable Energy Co. expands Spruce’s solar portfolio to more than 200 MW.
“With more than 2 million residential systems installed over the last decade, we see significant opportunity to consolidate an increasingly mature market through capital deployment,” says Tim Distler, vice president of corporate development at Spruce Finance.
“Spruce’s primary growth strategy is centered on expanding asset ownership, and this deal with Greenbacker underscores our continued ability to do so,” he adds.
Spruce previously acquired 31.3 MW of rooftop solar assets from Atalaya Capital Management in December 2019.