Spruce Finance, Inc., a San Francisco, CA-based provider of consumer financing for residential energy efficiency and solar technology, raised $25M in funding.
HPS Investment Partners made the investment.
The company intends to use the funds to continue to expand operations.
Led by newly promoted CEO Steve Olszewski, who previously served as chief operating officer, and newly promoted CFO Adam Buckfelder, who previously served as VP of finance, Spruce Finance provides homeowners with multiple ways to finance residential energy efficiency improvements and solar systems. The company makes finance products available on a single software platform and sell them through a national network of verified channel partners. Spruce Finance operates in all 50 states and Washington, DC, has raised more than $2B in project finance and currently serves nearly 70,000 homeowners.
The company also named two independent directors, Christian Fong and Howard Norowitz. Fong is an experienced executive and consultant to real asset and energy companies. He serves on the Board of Directors of TerraForm Power and was a founder of Renewable Energy Trust Capital, Inc. Norowitz is a founder and former partner at Stone Lion Capital Partners. He has a long track record of investing in and managing highly levered and operational turnaround situations at Stone Lion, Bear Stearns, and GE Capital.