Spruce Finance, a private owner and operator of distributed generation solar and residential energy assets in the U.S., has completed its second-largest acquisition to date.
The purchase of 3,668 rooftop solar assets totaling 27.6 MW from Greenbacker Renewable Energy Co. expands Spruce’s solar portfolio to more than 200 MW, further solidifying the companies position in the residential and commercial market.
“With more than 2 million residential systems installed over the last decade, we see significant opportunity to consolidate an increasingly mature market through capital deployment,” says Tim Distler, vice president of corporate development at Spruce Finance.
“Spruce’s primary growth strategy is centered on expanding asset ownership, and this deal with Greenbacker underscores our continued ability to do so,” he adds.
The latest deal closed in early March, less than three months after Spruce acquired 31.3 MW of rooftop solar assets from Atalaya Capital Management in December 2019. The terms of the deal were not disclosed.
Spruce manages or owns more than 200 MW of installed capacity and is actively acquiring operating distributed solar PV assets in North America.
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