星期二, 九月 22, 2020
Home PV News Spruce Finance Acquires Clearway Energy's Portfolio of Residential Solar Assets

Spruce Finance Acquires Clearway Energy’s Portfolio of Residential Solar Assets

Spruce Finance, the largest private owner and operator of distributed generation solar residential assets in the U.S., has bought Clearway Energy’s entire portfolio of residential solar assets. The deal is Spruce’s largest to date and the latest example of the company’s residential solar asset “growth by acquisition” strategy in the U.S.

The 53 megawatts (MW) of rooftop solar assets acquired from Clearway expands Spruce’s portfolio by 20 percent to more than 250 MW. This brings Spruce’s year-to-date portfolio growth to more than 30 percent, which already matches the 30 percent increase that the company achieved during 2019.

The deal also benefits Spruce’s independent subsidiary, Energy Service Experts (ESE), which has entered into a transitional asset management services partnership with NRG. As a result, ESE has grown to become one of the largest independent providers of residential solar servicing in America, with more than 70,000 customers nationwide.

“Despite the current global crisis, we expect strong and stable returns—both financial and environmental—from investing in a renewable future,” said Christian Fong, CEO of Spruce Finance. “The Clearway acquisition comes because of our strong relationships with others in the industry, and underscores our ability to stay the course in a challenging time. As a preferred sector in the broader energy and power industry, we are enjoying continued access to the capital markets and keep growing in our residential and distributed generation solar markets.”

News of the Clearway deal comes on the back of Spruce’s recent announcement that it closed a $124 million debt financing deal for its portfolio of residential solar power purchase agreements (PPAs) and leases with Vantage Infrastructure and Sequoia Economic Infrastructure Income Fund (SEQI). A portion of the capital infusion from those funds has been used to acquire the Clearway assets as part of Spruce’s strategic plan for expanding its holdings through organic growth and M&A activities.

About Spruce Finance

Spruce Finance owns and operates a growing portfolio of distributed generation solar residential assets in the U.S. Headquartered in Houston with executive offices in San Francisco, Spruce manages or owns more than 250 MW of installed capacity and is actively acquiring operating distributed solar PV assets in North America. Spruce’s independent subsidiary, Energy Service Experts, provides comprehensive asset management services to solar and energy efficiency customers across the U.S.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Apple data center in Denmark powered by 50 MW of solar

Apple has revealed that its data center in Viborg, Denmark, is now being powered by a 50 MW solar project under a long-term power...

Solar + storage experiment in Tampa Bay selected for Solar Energy Innovation Network project

An innovative solar + storage research project led by the Tampa Bay Regional Planning Council has been selected as a finalist for the Solar...

Chinese PV Industry Brief: 350 MW wind-solar project, 200 MW of floating PV

Longyuan Energy said this week that it has signed an agreement with the municipal authorities in Binzhou, Shandong province, to build 300 MW of solar...

IEEE creates education and credentialing program for interconnecting distributed resources to the grid

IEEE and the IEEE Standards Association (IEEE SA) announced the IEEE Std 1547-2018 Distributed Energy Resources (DER) Interconnection Commissioning: Education and Credentialing Program, a new...