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Spruce Finance agrees USD 175m for US solar in 2016

January 6 – Spruce Finance Inc, the US firm offering clean energy financing, has secured USD 175 million (EUR 163m) from US Bank to support residential solar systems in 12 states over the course of 2016.

The company was formed through the merger of Kilowatt Financial LLC and Clean Power Finance (CPF) Inc, which has been concluded in December.

A press release Wednesday says Spruce has raised over USD 2 billion in capital, which it will use to finance home improvements such as solar systems and energy efficiency upgrades. The money is coming from “major banks and corporations”, such as US Bancorp Community Development Corp, which a unit of US Bank.

Spruce offers solar financing in 18 states and water and energy efficiency financing in all 50 states.

(USD 1 = EUR 0.931)

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