Spruce Finance Completes Sale of $250M Energy Efficiency & Solar Loan Portfolio

Spruce Finance, a provider of consumer financing for residential energy efficiency and solar technology, has completed a whole loan sale of $250M of its efficiency and solar loan portfolio to a large North American bank with expertise in consumer loan assets. This marks the second major sale of loan assets for the company.

“We’re pleased about institutional investors’ growing confidence in the lending market for renewable and energy efficient home technologies. These loans, with terms of 7 to 20 years, allow for financing that better matches the useful life of the asset, creating much better value for the consumer. The capital unlocked from this transaction, combined with incremental capital recently provided by a global investment firm, will support the future growth of our business,” said Steve Olszewski, Spruce’s chief operating officer.

The company expects the sale to serve as a foundation for future loan flow sales transactions.

Image Source: Spruce Finance