San Francisco based consumer solar financing company Spruce financing has received $25m in strategic funding from HPS Investment Partners. Spruce Finance Inc. is a provider of consumer financing for residential energy efficiency and solar technology.
“We are thrilled to announce this strategic partnership,” says Olszewski. “It is indicative of HPS’ confidence in Spruce Finance and in our mission to make energy efficiency financing and residential solar systems widely available to U.S. homeowners.” Spruce recently announced that it has completed its second major sale of loan assets, a whole loan sale of $250 million of its efficiency and solar loan portfolio to an undisclosed North American bank. According to a Bloomberg report, Spruce’s leadership changes, new capital infusion and recent loan asset sales represent a new strategy for the company to overcome solar market challenges. The report also says Spruce has now ended a Goldman Sachs-led review “that could have resulted in the sale of the clean-energy financier.”