{"id":1004144819,"date":"2016-05-25T07:37:12","date_gmt":"2016-05-25T15:37:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004144819"},"modified":"2020-04-12T20:19:22","modified_gmt":"2020-04-13T04:19:22","slug":"spruce-and-investec-close-120m-loan-for-us-home-solar-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\/","title":{"rendered":"Spruce and Investec Close $120M Loan for US Home Solar Financing"},"content":{"rendered":"

By Anca Gagiuc, Associate Editor<\/em><\/p>\n

\"Solar<\/a>

The credit facility will support the growth of Spruce’s solar photovoltaic lease and power purchase agreement business<\/em><\/p><\/div>\n

San Francisco<\/strong>\u2014Spruce Finance Inc.<\/a>, a provider of consumer financing for residential solar and home efficiency improvements in the U.S. backed by Kleiner Perkins Caufield & Byers LLC<\/a>, announced that it\u00a0closed a $120 million syndicated credit facility that will support the growth of its solar lease and power purchase agreement (PPA) business.<\/p>\n

This is the company\u2019s first syndicated loan and it was led by London-based Investec<\/a>.<\/p>\n

\u201cOur residential solar lease and PPA, solar lending, and efficiency lending businesses are growing more than 50 percent so far this year, compared to 20-30 percent average growth in the residential solar industry,\u201d said Nat Kreamer, CEO of Spruce. \u201cThe capital markets have responded positively to that growth, and we expect to raise more financing for our solar and efficiency businesses from a variety of sources this year.\u201d<\/p>\n

San Francisco-headquartered Spruce is the result of the 2015 merger between Clean Power Finance Inc. and Kilowatt Financial LLC, another Kleiner Perkins-backed solar financing company. It specializes in financing for residential solar, water-conservation upgrades and energy efficiency<\/a> projects. Other investors include Google Ventures, Edison International, Duke Energy, ADIA and Claremont Creek Ventures.<\/p>\n

\u201cSpruce is building a sustainable business that brings value to all stakeholders,\u201d said Dan Oros, partner at Kleiner Perkins Caufield & Byers (KPCB) and member of Spruce\u2019s board of directors. \u201cThe Investec raise allows Spruce to grow alongside its channel partners.\u201d<\/p>\n

Image courtesy of Spruce<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The $120 million loan demonstrated market interest in Spruce\u2019s business and growth.<\/p>\n","protected":false},"author":237,"featured_media":1004144820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,1609,21786,15],"tags":[],"class_list":["post-1004144819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-san-francisco","category-sustainability","category-west"],"acf":[],"yoast_head":"\nSpruce and Investec Close $120M Loan for US Home Solar Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spruce and Investec Close $120M Loan for US Home Solar Financing\" \/>\n<meta property=\"og:description\" content=\"The $120 million loan demonstrated market interest in Spruce\u2019s business and growth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-25T15:37:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-13T04:19:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/Solar-rooftops.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Spruce and Investec Close $120M Loan for US Home Solar Financing\",\"datePublished\":\"2016-05-25T15:37:12+00:00\",\"dateModified\":\"2020-04-13T04:19:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\\\/\"},\"wordCount\":273,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/05\\\/Solar-rooftops.jpg\",\"articleSection\":[\"Deals\",\"Finance\",\"News\",\"San Francisco\",\"Sustainability\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/spruce-and-investec-close-120m-loan-for-us-home-solar-financing\\\/\",\"name\":\"Spruce and Investec Close $120M Loan for US Home Solar Financing - 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