Spruce Finance, a provider of consumer financing for residential solar and home efficiency improvements in the U.S., closed a $120 million syndicated credit facility to support the growth of its solar lease and power purchase agreement (PPA) business. The facility, arranged by Investec, is Spruce’s first syndicated back-leveraged facility.

“Our residential solar lease and PPA, solar lending, and efficiency lending businesses are growing more than 50% so far this year, compared to 20-30% average growth in the residential solar industry,” said Nat Kreamer, Spruce CEO. “The capital markets have responded positively to that growth, and we expect to raise more financing for our solar and efficiency businesses from a variety of sources this year.”

San Francisco-based Spruce provides financing for residential solar systems and home efficiency improvements that help consumers reduce their total utility spending on power, water, and heating and cooling.