Spruce’s solar portfolio is collateral for $105.4 million in debt financing

Share

Spruce Finance, which finances residential solar systems and home-efficiency improvements, has closed a new round of debt financing, following on its $120-million financing round in May.

The new syndicated loan is $105.4 million, financed with Investec and Silicon Valley Bank (SVB), will be used to put in more systems across the United States. Investec also led the May fundraising efforts.

In a sign that lenders are becoming infinitely more comfortable with funding residential solar arrays, the deal allows Spruce to use its existing solar portfolio as collateral for the loan. Banks often weren’t sure how to value solar systems, which often made it difficult for homeowners to get appropriate financing.

To read the rest of this article, see the pv magazine USA site.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Net metering policies see significant revision in states across the U.S.
21 April 2025 The recent 50 States of Solar report from NC Clean Energy Technology Center identifies three trends in state policy activities and the top five distri...