Spruce Finance, a Houston, TX-based owner and operator of distributed generation solar and residential energy assets in the U.S., raised $50m in equity funding.
The investor was HPS Investment Partners, a global investment firm with more than $48 billion of assets under management.
The follow-on investment provides support for continued growth through acquisition of solar assets.
Led by Christian Fong, president and CEO, Spruce Finance owns and operates a portfolio of distributed generation solar and residential energy assets in the U.S. Headquartered in Houston with executive offices in San Francisco, the company manages or owns more than 150 MW of installed capacity and is actively acquiring operating residential and commercial and industrial solar assets and power purchase agreements in North America.
Spruce’s independent subsidiary, Energy Service Experts, delivers comprehensive energy servicing energy and energy efficiency customers across the U.S.
The equity funding follows the company’s recent closing of a $208m senior secured debt financing of its residential solar assets.