Spruce Arranges $120 Million Financing for Rooftop Solarby
Spruce Finance Inc., a solar-financing company backed by Kleiner Perkins Caufield & Byers LLC, arranged $120 million in debt for rooftop solar systems in the U.S. The deal closed Friday.
The company’s first syndicated loan was led by Investec Plc, and San Francisco-based Spruce plans to use the money to meet growing consumer demand for financing for solar power, according to Chief Executive Officer Nat Kreamer.
“All of our business lines are growing more than 50 percent this year,” Kreamer said in an interview Monday. “We’ve had a very strong reception from the capital markets.”
Spruce was formed by the January merger between Clean Power Finance Inc. and Kilowatt Financial LLC, another Kleiner Perkins-backed solar financing company. It offers financing for residential solar, water-conservation upgrades and energy efficiency projects. As of February, it had more than 50,000 U.S. customers and had raised more than $2 billion from backers that include Edison International, Dominion Resources Inc. and Duke Energy Corp.
Investec has been an active lender to rooftop solar companies. In January, it arranged a $250 million financing for Sunrun, another San Francisco-based solar company.