Spruce Finance, a San Francisco, CA-based provider of consumer financing for residential solar and home efficiency improvements, closed a $105.4m round of debt financing.
Investec and Silicon Valley Bank (SVB) were the lead arrangers. The syndicated loan was financed against a Spruce portfolio of residential solar systems.
The company will use the proceeds to finance additional systems in states around the U.S.
Spruce Finance provides homeowners with multiple ways to finance residential solar systems and home efficiency improvements via a single software platform and sell them through a national network of verified channel partners.
The company, a licensed lender in all 50 states and Washington, DC, raised more than $2B currently serving more than 64,000 homeowners.