CEO of Clean Energy Financier Spruce Finance Said to DepartBy
Spruce formed in 2015 from merger of Clean Power and Kilowatt
Raised more than $2 billion from backers including Edison
Nat Kreamer, chief executive officer of Spruce Finance Inc., has left the clean-energy financier, according to people familiar with the matter.
His departure took place late last month, according to the people who asked not to be identified because the information isn’t public. Chief Financial Officer Darren Thompson is listed as president on the website of the Kleiner Perkins Caufield & Byers LLC-backed company. Chris Wirth, a Spruce spokesman, declined to comment. Kreamer didn’t return calls and an email seeking comment.
Kreamer’s departure comes at a turbulent time for the residential solar industry, which is facing slower growth nationally and possible consolidation after companies including Sungevity Inc. filed for bankruptcy. Spruce hired Goldman Sachs Group Inc. in April to help the provider of consumer financing for residential solar and home efficiency projects attract equity investment.
Spruce was formed in 2015 from the merger of Clean Power Finance Inc. and Kilowatt Financial LLC, both Kleiner Perkins Caufield & Byers-backed companies. Kreamer had earlier been CEO of Clean Power Finance.
The company offers financing for residential solar, water-conservation upgrades and energy-efficiency projects. It has raised more than $2 billion from backers that include Edison International, Dominion Energy Inc. and Duke Energy Corp.