Spruce Finance issued the following announcement on March 5.
Spruce Finance, the largest 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 megawatts (MW) from Greenbacker Renewable Energy Co. expands Spruce’s solar portfolio to more than 200 MW, further solidifying the company as a leader in the residential and commercial market. The acquisition also adds depth to the assets serviced by Spruce’s independent subsidiary, Energy Service Experts (ESE).
“With more than two million residential systems installed over the last decade, we see significant opportunity to consolidate an increasingly mature market through capital deployment alongside best-in-class servicing,” said 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.”
“Greenbacker is pleased to partner with Spruce on this transaction, which reflects our continued commitment in working with various partners across the renewable industry,” said Charles Wheeler, Chief Executive Officer of Greenbacker Renewable Energy Company. “By narrowing down our investment focus to C&I and utility-scale, we can provide strong returns for our investors through sustainable and impactful investing.”
The latest deal closed in early March, less than three months after Spruce acquired 31.3 MW of rooftop solar assets from Atalaya Capital Management in December 2019. The terms of the deal were not disclosed.
About Spruce Finance
Spruce Finance (www.sprucefinance.com) owns and operates a growing portfolio of distributed generation solar and residential energy assets in the U.S. Headquartered in Houston with executive offices in San Francisco, Spruce manages or owns more than 200 MW of installed capacity and is actively acquiring operating distributed solar PV assets in North America. Spruce’s independent subsidiary, Energy Service Experts (www.energyserviceexperts.com), provides comprehensive asset management services to solar and energy efficiency customers across the U.S.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that acquires and manages income-generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contract to high credit worthy counterparties such as Utilities, Municipalities, and Corporations. For more information, please visit www.greenbackercapital.com.
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