Spruce’s first syndicated back-leveraged credit facility will support its solar lease and power purchase agreement business in US
NEW YORK, June 7, 2016 – In its latest major renewable energy financing, Milbank, Tweed, Hadley & McCloy LLP has represented the lenders of a $120 million leveraged credit facility to Spruce Finance Inc., arranged by Investec Bank, which provides funding for residential solar-power and energy efficiency projects.
The Milbank deal team was led by Daniel Bartfeld and Roland Estevez, partners in the firm’s Global Project Finance practice group and associates Richard Hillman and Jeffrey Zwerner.
San Francisco-based Spruce was created in 2015 by a merger between Kilowatt Financial and Clean Power Finance, and is backed by leading Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.
The $120 million financing, Spruce’s first syndicated back-leveraged credit facility, will support growth of the company’s distributed generation solar lease and power purchase agreement business.
Mr. Estevez said: “Spruce is a fast-growing solar funding company that has attracted strong investor and financial support, as this syndicated loan demonstrates. Milbank was pleased to continue our tradition of supporting lenders in growing the country’s energy efficient power infrastructure."
