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.
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