Troutman Pepper represented Spruce Power Holding Corporation (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the United States, in a $130 million non-recourse debt facility provided by Barings LLC. The transaction refinances the company’s term loan of $125 million and provides for a net injection of incremental capital. See the company’spress release for more details.
The Troutman Pepper team advising Spruce Power in the financing, which notably earned an A+ rating from by Kroll Bond Rating Agency (KBRA), included Andrew Thurmond, Steve Kim, Alejandra Aponte, Adam Kobos, Joel Post, John Leonti, Craig Kline, Yash Shah, Matt Brooks, and Suzanne Soboeiro, among many others.
Spruce Power provides subscription-based services that make it easy for homeowners to benefit from rooftop solar power and battery storage. Its power as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. The company owns the cash flows from over 75,000 home solar assets and contracts across the United States.