By: greenbank On: March 01, 2017 In: Comments: 0

Spruce is a consumer finance company that provides U.S. homeowners with financing for residential solar and energy efficiency improvements. Among its product offerings, Spruce makes residential solar energy systems available to homeowners pursuant to 20 to 25-year Power Purchase Agreements and lease agreements. Spruce engaged Investec Bank PLC to structure, arrange, and syndicate a US$99.4 million senior, secured term loan (the “Credit Facility”) to refinance an existing aggregation credit facility. The Credit Facility will refinance 86.0 MW of generating capacity across 12,711 homes in 11 states. Over 6.2% of Spruce’s current portfolio is located in NYS and
Spruce has placed an emphasis on growing its business in the State. NYGB committed $US6.0 million to this transaction.

NYGB’s participation in the Credit Facility provides additional liquidity to support Spruce’s ongoing expansion. It also helps to establish a medium-term lending market as an alternative to refinancing through the traditional asset-backed security market, which currently has limited capacity for these types of assets.

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