Spruce Power, a distributed generation solar systems owner and operator in the U.S. – has acquired Level Solar’s entire portfolio of 2,637 rooftop solar assets totaling 16.5 MW.
Long Island-based SUNation Energy has managed the 2,637 rooftop solar arrays – purchased since 2017. According to an announcement, they expand Spruce Power’s portfolio to more than 335 MW.
The transaction represents Spruce Power’s 11th portfolio acquisition in the last three years.
This deal is in line with Spruce’s growth strategy through acquisition, which has significantly increased the company’s portfolio over the last five years, the company said.
“Spruce Power has always been on the forefront of the M&A market in residential solar. Well thought-out and strategically executed acquisitions have positioned us as the largest private residential solar company in the U.S.,” notes Christian Fong, CEO of Spruce Power. “Hats off to the New York Green Bank, who originally worked with Level Solar in creating this portfolio, in helping make this transaction a success. The renewable energy industry has been seeing substantial growth, and we are thrilled to continue to grow with it.”
Recently, CleanCapital, a clean energy investment platform, acquired a 36.6 MW solar project in Inalahan, Guam, from GlidePath Power Solutions, an energy storage developer and independent power producer in the U.S. The transaction includes the operating Dandan solar project and rights to GlidePath’s portfolio to the U.S. territory of Guam. The solar project commenced its commercial operations in October 2015 and currently generates 6% of the island’s electricity generation.
According to Mercom’s 1H and Q2 2022 report, in 1H 2022, there were 148 project acquisitions for 38 G.W. of solar projects compared to 136 project acquisitions totaling 40 G.W. in 1H 2021.
In July 2022, Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and P.V. cells and modules, announced the sale of two solar farms, Suntop and Gunnedah, totaling 345 MW in New South Wales, Australia, to CalEnergy, a subsidiary of Northern Powergrid Holdings Company.