HOUSTON, TX—NOVEMBER 19, 2018—Spruce Finance, a leading owner and operator of distributed generation solar and residential energy assets in the U.S., announced today that it has been acquired by HPS Investment Partners, a leading global investment firm with more than $46 billion of assets under management. Spruce will be headquartered in Houston and maintain its executive and M&A offices in San Francisco.
Spruce also announced that Christian Fong, the co-chairman of the board of directors since early 2017, has joined the company as president and CEO. Fong has built multiple billion-dollar real asset businesses and has an extensive executive, private equity and policy background in the clean power and energy sectors. He was co-founder of Renewable Energy Trust Capital, where he led the acquisition and development of more than $1 billion in wind and solar projects. A key participant in the establishment of the yieldco industry, Fong also serves in leadership roles on the boards of Terraform Power and Fong Management, LLC.
Terms of the deal were not disclosed, and the transaction took place through Spruce Holdings, a new corporate entity owned by HPS Investment Partners.