HomeNovember 18, 2020
Distributed Solar Company Says It Has Acquired The "Balance" Of NRG's Residential Solar Asset Portfolio
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Spruce Finance said that it has acquired two new asset portfolios, "including the balance of NRG's residential holdings."
The NRG purchase is Spruce's largest to date. Spruce said that this is the latest example of the company's residential solar asset "growth by acquisition" strategy in the U.S.
The NRG portfolio comprises 8,984 systems, totaling 60 MW.
Spruce also acquired a portfolio from WEC Energy Group, made up of 1,047 systems, which Spruce had already been managing via its Energy Service Experts (ESE) subsidiary.
Together, the acquisitions push Spruce's total rooftop solar assets to 337 MW, representing year-to-date portfolio growth of 78 percent and over 100 percent portfolio growth in the last 12 months.
The company also executed a new $150 million senior credit facility that it will partially draw on to finance both deals.
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