Spruce Finance, the largest private owner and operator of distributed generation residential solar assets in the U.S., has acquired two new asset portfolios, including the balance of NRG’s residential holdings. The NRG purchase is Spruce’s largest to date and the latest example of the company’s residential solar asset “growth by acquisition” strategy in the U.S.
The NRG portfolio comprises 8,984 systems, totaling 60 MW. Spruce also acquired a portfolio from WEC Energy Group, made up of 1,047 systems, which Spruce had already been managing via its Energy Service Experts (ESE) subsidiary. Together, the acquisitions push Spruce’s total rooftop solar assets to 337 MW, representing year-to-date portfolio growth of 78% and over 100% portfolio growth in the last 12 months.
The company also executed a new $150 million senior credit facility that it will partially draw on to finance both deals.
“We continue to demonstrate momentum and pursue our M&A strategy, proving the value created by consolidating assets in the residential solar space,” said Christian Fong, CEO of Spruce Finance. “The trust and collaboration with our established partners like NRG and WEC Energy Group enables us to successfully execute on our strategy.”
Spruce pivoted from loan origination to asset ownership and created ESE for asset management and maintenance in 2017 after restructuring and receiving an investment from HPS Investment Partners.
The latest acquisitions follow deals from earlier this year that added nearly 112 MW to Spruce’s portfolio of residential solar. Spruce is actively pursuing other acquisition and strategic opportunities in residential, community and commercial and industrial solar.
News item from Spruce Finance
lorraine says
I totally agree with everyone here. I had the same problem. Bought home and HAD to take over lease to purchase the home. Nothing but headaches and stress. My panels were not operating either. They never sent anyone to repair them even though the contract states they are responsible. They said it had nothing to do with them. Luckily I found an electrician to fix them. I never received a credit for the time they were out. The blamed the electric company and of course not their problem. Now my latest problem is I need a new roof. It is not their responsibility to take the panels down. They gave me one number to call and the cost is $8200 . It is almost as much as the roof costs. I want these down and these crooks made responsible for what they are doing to us. No calls back . I work full time and am on hold for hours but they seem to call when they do not get a payment and tack on late charges all day long. We all need help with this issue. Who can we call. Can anyone help us. I want these off and a better company to deal with..
Ken Bellingham says
I agree that customer relations with this company is deplorable, but my contract says that I cannot sue, but must submit to arbitration. Also, I may not enter into a class action suit, so you should check your contracts as well. The Better Business Bureau gives Spruce Power an “F” rating! Perhaps an appeal to the Consumer Protection Agency could be fruitful.
Lara says
How do we start a class action lawsuit? Why hasn’t someone done so already? I’ve never read more terrifying reviews of any entity ever before in my life. The house I bought came with their panels and the lease was transferred to me. I’m thankful that the sellers had paid the lease off, but I want the panels off my roof. By the comments I’m reading, sounds like I won’t be able to have them remove them even if they’re paid off? Has anyone tried having a lawyer review their contract and successfully break the lease?
Jasmin says
Hello,
I am having a lot of problems of with this so called company. I am trying to find a lawyer as well. Any luck with class action lawsuit? I am paying for the lease and the panels don’t even have a permission to operate permits. Unbelievable
Mike says
Time for a class action lawsuit.
Robert says
How did you get the credit? Looking back we are seeing that we haven’t been producing for 8 or 9 months. No contact that the system was down, no monitoring. Now it has been 6 weeks of just trying to get someone to come look at the system.
ann sunderland says
I have had solar since 2012 and have been paying of a lease which seems to have a sliding scale of increasing payments. All of sudden this yea I would get overdue notices and erroneous amounts being paid and through direct debit, paid! I am now being charged for SOLAR PRODUCTION!!! and a late fee (on a direct debit?)
Of course, like everyone else, there is no way to contact these people. I have cancelled my direct deposit with them and have asked in writing for someone to contact me. No one has.
Scott Greenstone says
I have been dealing with this same issue since November. They keep telling me they stopped my ACH and fix the incorrect amounts, only for them to get larger and larger and the ACH payments continue.
I have contacted the company that installed the panels in 2012 and they don’t have any advice for me either.
I dont know what else to do.
Robert parsons says
We should have been informed about the sale and been allowed to buy out our contract before this I’ll managed company took over the hang ups, the you got the wrong department, and then not transfer you to the right one, show copies of cashed checks and they say you have to pay late fees this company should be investigated by the doj
Judy Greco says
I agree with every statement and complaint about this company. I’ve made phone calls, emails, etc., I need not go on. No response. I have copies of cancelled checks as have others. If I could, I’d rip the solar panels from the roof and have them delivered to whoever sits on the board of directors of this awful company. Shame on NRG for having delivered us into the hands of this mess.
LB says
We are also experiencing billing problems with them. Also, trying to speak to an actual person. As of tonight, we have filed complaints with the BBB and the FTC.
Shelby Prue says
I agree. We had a credit for non working panels. They decided to reapply it and refused to take my last couple months of payments.
Jen says
Spruce power taking over NRG… is a night mare and horror to good customers who are either in a prior contract with NRG and unfortunately have no choice but to let Spruce continue. From the beginning of their take over March 2021, I received multiple billing statements saying I am over due when I have a bank auto payment and never missed a payment since I moved into this house several years back. I called and left messages on their answering service during mid day several times. I was told I will receive a call in 72 hours. I never received a single call back. I emailed and included photo shots of bank transaction of each payment but no response until a call 3 weeks later from the debt collection department! I have never dealt with a horrible service company like this. If something happens to the solar panels and if I have to call for service, I know they will not answer.
They are none existent company but want your money only. The consumer affairs of the state has to respond to this kind of company and help the consumers.
Dana says
We’re having similar issues. Just found out we weren’t even producing any energy for several months. No one is monitoring the systems. Sungevity assured us that the system would be monitored and maintained but ever since they went bankrupt there has been no contact whatsoever. Is there even a “company” at all? We haven’t been able to find a website to create an account to monitor our usage. Calls go to an answering service and no replies to emails. Class action lawsuit?
Shelby Prue says
We had that too. We finally got a credit. Then they applied it back months later saying it was an error. Are you serious?
Hallie says
This is a Ponzi scheme! If I were you I would stop paying your bills people they are taking your money and not providing you with any service at all! They are causing me to lose my escrow because they will not return calls however they didn’t have any problem doubling my payments and taking money and not crediting me. Stay away from this company at all costs and if you are with them stop your payments now! I am completely unable to sell my home because of this company!!!
John Mele says
Absolutely the worst company in the business. I have to agree with others, can never reached them by phone although they always state they receiving high volumes of calls. Place you on hold for 20 to 30 minutes only to hang up on you. Also this company acquired my contract from NRG where I was paying approximately $99.18 per month and this what my payment has been for 10 years and now when they acquired it they claimed because I didn’t have auto pay I would have to pay $8 more a month. Which is not true because they take the payment out every month from checking account automatically. I have tried changing the billing address now for nearly a year and they still send the bill to the wrong house. Although I still own the house, I have a tenant in that house now and they call me every month to come and get the bill from them. They plainly just don’t care about the customer. All they care about is money and that it is. I am actually been on hold now for 22 minutes as I am writing this review.s
Magda says
I sent a registered letter via the USPS to the Energy Service Experts business address (2900 N. Loop West Freeway, Houston, TX 77092 on 3/31/2021) stating that I had not received any monthly invoices since September 2020 and wanted to know why. The registered letter was delivered on 4/3/2021 but as of 4/26/2021, I have not received any response. I paid for the solar energy generated by solar panels installed back in 2014 on my roof without any problems in the past, but since ESE has taken over the financial aspects of my contract with Kilowatt Systems LLC, I have had nothing but problems with the way they bill me. I tried to contact them via email, phone calls, even a registered letter to no avail.
Lee Ann Martin says
Hi Magda, I am reading all these reviews and we live in Arizona and we are experiencing all the same things with this company. We don’t know what to do, we send our payment and then get our bill and it was not credited so our balance keeps growing. Have you had any success on contacting them? Just curious.
Lee Ann Martin
Shelby Prue says
AZ here too. They decided to apply a $1400 fee onto our bill for a credit they feel was invalid. We didn’t have working panels for a year. They won’t tale my last two months of payments too. I’m disgusted with them. You’re lucky if you get a response on the phone or email.
Janice griffin says
I cannot believe this company! The worst! Cannot reach them in any way! Cannot pay bills. Send bills after due date and then charge late fees. Then my credit scores are going down because I have a past due balance because I refuse to pay late fees when I either never got the bill or it came past the date. It is so unjustly unfair. Where do we start to fix this as I cannot reach them y email or phone as they will not respond or answer! Can someone please help??????
Jeanne C says
Same issues here as what you’ve stated and it started in 2/2020 and has never worked properly ever. I’m at my wits end trying to deal with the scammers but so far have had little success. Told me my ACH contract was no longer in effect but payments were taken out anyway, many months at days before or after my due date.
Tom m says
Spruce is the worst. These terrible things that others are listing are happening to us as well. The worst company ever. People that live near Houston where their offices are need to pay them a visit in person.
Rick says
Energy Service Experts are a bunch of criminals who steal money from their customers!!! Read their reviews on Google. They’re billing department is horrendous and has left us customers infuriated, frustrated, stressed and we have no trust in this scam company!!! They are the worst company around. So far they’ve stolen over $500 from me!!!!