- Houston-based Spruce Finance announced it raised $50 million
- The $50 million equity investment came from its owner HPS Investment Partners
Houston-based Spruce Finance is a leading owner and operator of distributed generation solar and residential energy assets in the U.S. And Spruce announced recently that it has raised $50 million in equity investment from its owner HPS Investment Partners — which is a leading global investment firm with over $48 billion of assets under management.
This investment comes on the heels as Spruce is actively pursuing opportunities to add operational solar assets to its 150 MW portfolio. And Spruce is looking beyond residential portfolios and is also evaluating community and commercial solar assets.
Recently, Tim Distler joined Spruce as VP of corporate development to lead the company’s project finance and M&A activity. Distler previously led a solar development and finance platform for LG Electronics. Before LG, Distler was the head of project finance at RET Capital and also held roles at Recurrent Energy, PG&E and E.ON Climate & Renewables.
This equity funding follows Spruce’s recent closing of a $208 million senior secured debt financing of its residential solar assets. And its independent subsidiary, Energy Service Experts provides asset management services to more than $1 billion of residential solar assets including Spruce’s own assets and third-party portfolios. Last year, Spruce announced it acquired HPS Investment Partners.
“The continued support of HPS, paired with Tim’s M&A expertise, ensures that we have both the capital and the capabilities needed to acquire attractive portfolios,” said Spruce Finance president and CEO Christian Fong. “The growth of our team’s expertise and our financial resources set us up for a strong growth trajectory.”
