Public Company Energy

Spruce Power

Houston, Texas, United States

Owner-operator of residential solar portfolios in the U.S., growing through acquisition of residential PPAs and leases. Provides end-to-end solar servicing via its platform, including monitoring and O&M, and supports third-party owners, lenders, and trustees through Spruce PRO.

Focus Areas
Residential rooftop solar, Distributed generation, Solar-as-a-Service
Website
sprucepower.com

Tracked deals

3

3 tracked deals across 2020-2022.

Recent pace

0

0 tracked deals announced in the last 12 months.

Deal mix

Buyout

2 buyout · 1 divestiture

Spruce Power Acquisition Volume by Year

Last 2 years

Acquisition volume by year Annual acquisition counts for the last 2 years for Spruce Power. 1 2020 2 2022

Supporting Data

Recent Transactions

  • XL Fleet Acquires Spruce Power from HPS Funds
    September 12, 2022
    Buyer
    XL Fleet Corp.
    Target
    Spruce Power
    Seller
    Funds managed by HPS Investment Partners, LLC
    Industry
    Renewable Energy
    Location
    Texas, United States
    Type
    Buyout

    XL Fleet Corp. completed the acquisition of Spruce Power from funds managed by HPS Investment Partners for approximately $58 million in cash and the assumption of roughly $542 million of debt. Spruce Power, headquartered in Houston, Texas, is a leading owner-operator of residential rooftop solar systems with more than 52,000 subscribers and ~110 employees; the deal is central to XL Fleet's strategy to become a provider of subscription-based rooftop solar, battery storage and EV charging solutions.

  • Spruce Power Acquires Level Solar's 16.5 MW Rooftop Solar Portfolio
    July 26, 2022
    Buyer
    Spruce Power
    Target
    Level Solar
    Seller
    Level Solar, New York Green Bank
    Industry
    Energy
    Location
    New York, United States
    Type
    Divestiture

    Spruce Power acquired Level Solar's entire portfolio of 2,637 rooftop residential solar assets (16.5 MW-dc), increasing Spruce's U.S. residential solar portfolio by roughly 5%. The assets, managed by SUNation Energy since 2017 and originated with help from New York Green Bank, are distributed across the Northeastern United States and the deal closed in early July 2022.

  • Spruce Finance Acquires Clearway Energy's Residential Solar Portfolio (53 MW)
    May 14, 2020
    Buyer
    Spruce Finance
    Target
    Clearway Energy residential solar portfolio (53 MW)
    Seller
    Clearway Energy
    Industry
    Renewable Energy
    Location
    United States
    Type
    Buyout

    Spruce Finance acquired Clearway Energy's entire portfolio of residential rooftop solar assets, adding 53 MW and expanding Spruce's portfolio by roughly 20% to more than 250 MW. The deal supports Spruce's growth-by-acquisition strategy for distributed generation residential solar in the U.S.; Energy Service Experts (Spruce's subsidiary) will provide transitional asset management services in partnership with NRG.

Related Acquisition Pages

Renewable Energy Buyers & Acquisitions 2 tracked deals by Spruce Power. Energy Buyers & Acquisitions 1 tracked deal by Spruce Power. Acquisitions in New York 1 tracked deal by Spruce Power. Acquisitions in Texas 1 tracked deal by Spruce Power.

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