Founded in 2015, Spruce Finance specialized in consumer financing for residential solar and home efficiency improvements. The company's primary business model evolved to focus on owning, operating, and servicing a large portfolio of residential solar assets, including power purchase agreements (PPAs) and loans. In 2021, Spruce Finance was acquired by an affiliate of KKR, a leading global investment firm. Subsequently, the business was merged with XL Fleet Corp., which then rebranded to become Spruce Power (NYSE: SPRU), now one of the largest private owners and operators of residential solar assets in the U.S. The Spruce Finance brand continues to exist for servicing its portfolio of customer agreements.

Founded in

United States