Spruce Finance, a private owner and operator of residential solar assets in the U.S., has completed its most significant solar portfolio acquisition to date.
Spruce’s purchase of 5,864 rooftop solar assets totaling 31.3 MW from funds managed by Atalaya Capital Management LP not only provides meaningful growth to its portfolio, but also expands the assets serviced by its independent subsidiary, Energy Service Experts. The acquisition expands Spruce’s solar portfolio to more than 180 MW.
“This acquisition solidifies our growth strategy going into 2020,” says Christian Fong, president and CEO of Spruce. “By completing our largest acquisition to date, we finish a banner year in which we grew our owned portfolio by over 30%.
“This acquisition again demonstrates Spruce’s ability to efficiently deploy capital into seasoned portfolios of residential or small commercial solar assets. We continue to actively seek similar opportunities,” adds Fong.
Spruce Finance 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 180 MW of installed capacity and is acquiring solar PV assets in North America. Spruce’s independent subsidiary, Energy Service Experts, provides asset management services to solar and energy efficiency customers across the U.S.
Plexus Solutions served as an advisor to Atalaya throughout the process. The terms of the deal were not disclosed.