The finance raised by Spruce will support residential solar PPAs and lease agreements for the coming year. The investment will come from several different sources, with the largest share – more than $200 million – provided via a tax equity facility with U.S. investment bank Citi.
“Citi is proud to support Spruce Finance and its mission to make residential solar systems available to more U.S. homeowners,” Said Global Head of Alterantive Energy Finance Marshall Salant. “We look forward to continuing to help Spruce expand access to residential solar and energy efficiency financing.
Further funding came from a $105.4 million facility, leveraged against Spruce’s existing projects, led by Investec and Silicon. An existing $120 million loan from Investec has also been extended to $140 million. The rest of the funding was committed by Bank United.
The impressive financing raised by Spruce is a clear sign that lenders are becoming much more comfortable with funding residential energy projects.