Spruce Arranges $120 Million Financing for Rooftop Solar

Spruce Finance Inc., a solar-financing company backed by Kleiner Perkins Caufield & Byers LLC, arranged $120 million in debt for rooftop solar systems in the U.S. The deal closed Friday.

The company’s first syndicated loan was led by Investec Plc, and San Francisco-based Spruce plans to use the money to meet growing consumer demand for financing for solar power, according to Chief Executive Officer Nat Kreamer.

“All of our business lines are growing more than 50 percent this year,” Kreamer said in an interview Monday. “We’ve had a very strong reception from the capital markets.”

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