Spruce Finance buys 31.3-MW rooftop PV portfolio

Solar on the roof. Author: Marufish. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

January 24 (Renewables Now) - Spruce Finance, a Texas-based solar asset manager, has finalised the acquisition of a 31.3 MW portfolio of rooftop photovoltaic (PV) plants for an undisclosed sum, it said on Thursday.

The company has acquired the assets from funds managed by Atalaya Capital Management LP in what it says is its “most significant” solar purchase to date. With the addition of the 5,864 rooftop solar facilities, Spruce has lifted the combined capacity of the assets it owns to more than 180 MW. In the last year alone, when the acquisition was booked, its portfolio expanded by over 30%.

The newly-purchased assets with unspecified locations will be serviced by Spruce’s independent subsidiary Energy Service Experts. Plexus Solutions was Atalaya’s advisor in the deal, particular details about which were not provided.

"This acquisition solidifies our growth strategy going into 2020," said president and CEO Christian Fong, adding that the company keeps “actively” looking for similar investment opportunities. 

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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