In December, solar finance provider Clean Power Finance closed its merger with Kilowatt Financial. The new company formed by the merger has now re-branded as Spruce Finance Inc., and will offer financing for residential solar, water conservation and energy efficiency in 18 U.S. states.
The two companies that formed Spruce report that they have raised more than $2 billion in capital to help homeowners with clean energy and efficiency improvements to date.
Spruce also revealed that it has raised US$175 million from U.S. Bancorp Community Development Corporation, which it notes has been one of the largest tax equity providers in the United States. This funding will be used to finance residential PV systems across 12 U.S. states over the course of 2016.
The company estimates that nearly 400 channel and contractor partners, including PV installers, offer its consumer financing.