Spruce Finance Acquires 27.6 Mw of Residential Solar Assets, Expanding Portfolio to More Than 200 MwW

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.