May
25
Spruce and Investec Close $120M Loan for US Home Solar Financing
ByThe $120 million loan demonstrated market interest in Spruce’s business and growth.
The credit facility will support the growth of Spruce’s solar photovoltaic lease and power purchase agreement business
San Francisco—Spruce Finance Inc., a provider of consumer financing for residential solar and home efficiency improvements in the U.S. backed by Kleiner Perkins Caufield & Byers LLC, announced that it closed a $120 million syndicated credit facility that will support the growth of its solar lease and power purchase agreement (PPA) business.
This is the company’s first syndicated loan and it was led by London-based Investec.
“Our residential solar lease and PPA, solar lending, and efficiency lending businesses are growing more than 50 percent so far this year, compared to 20-30 percent average growth in the residential solar industry,” said 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 and Investec Close $120M Loan for US Home Solar Financing
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