Welcome to our dedicated page for Spruce Power Holding news (Ticker: SPRU), a resource for investors and traders seeking the latest updates and insights on Spruce Power Holding stock.
Spruce Power Holding Corp (NYSE: SPRU) provides renewable energy solutions through its network of residential solar systems and subscription-based services. This news hub offers investors and industry stakeholders centralized access to official announcements, operational updates, and strategic developments.
Key resources include: Quarterly financial results, solar asset acquisitions, partnership announcements, and service agreement expansions. Track the company's progress in distributed energy management and renewable credit markets through verified press releases.
Users will find updates on electricity sales performance, solar renewable energy credit (SREC) transactions, and system maintenance innovations. The curated collection enables monitoring of SPRU's market position within the competitive clean energy sector.
Bookmark this page for streamlined access to Spruce Power's latest corporate communications. Check regularly for updates on residential solar initiatives and renewable energy industry developments directly affecting SPRU's operations.
Spruce Power Holding (NYSE: SPRU) has appointed Chris Hayden as Senior Vice President of IT and Enterprise Applications. Hayden will lead the advancement of Spruce's service platform, scale the Spruce PRO service offering, and drive innovation across IT functions including strategy, infrastructure, application development, and security.
With over 25 years of experience in digital business innovation and strategic IT planning, Hayden previously served as Chief Technology Officer and Executive Vice President at Sunnova Energy. His prior roles include Chief Information Officer at STREAM and IT leadership at TXU Energy. He began his career as a management consultant at Capgemini and Ernst & Young.
Spruce Power (NYSE: SPRU) has announced a new partnership with Hot Purple Energy to monetize Solar Renewable Energy Credits (SRECs) in California. Through this agreement, Spruce will handle SREC registration and monetization with the Western Renewable Energy Generation Information System (WREGIS) for Hot Purple's solar generation assets.
The partnership is part of Spruce's broader initiative to capture unrealized SREC benefits for installers and C&I operators. Spruce is among few companies approved to monetize SREC revenue across California's three largest utility zones. The typical contracts will generate approximately 7 years of cash flow, with Spruce managing monthly production reporting and SREC sales.
The company views this as a low-cost, low-risk opportunity to generate high-margin cash flow, leveraging recent California market changes that have made SREC registration financially rewarding for the first time, similar to mature SREC markets on the East Coast.
Spruce Power (NYSE: SPRU) reported Q4 2024 financial results with revenues of $20.2 million, up from $15.7 million in Q4 2023, and a net loss of $5.9 million. Operating EBITDA reached $10.8 million.
The company expanded its portfolio by acquiring approximately 9,800 home solar assets from NJR Clean Energy Ventures, growing its total asset base to roughly 85,000 home solar systems across 18 U.S. states. Customer satisfaction improved to 83% in 2024 from 74% in 2023.
Key financial metrics include:
- Total operating expenses: $26.7 million
- Liquidity position: $72.8 million in unrestricted cash
- Total debt: $730.6 million at 6.0% blended interest rate
- Gross portfolio value: $910.0 million
Notable developments include launching Spruce Pro and securing a servicing agreement with ADT for approximately 60,000 residential solar systems.
Spruce Power (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the United States, has rescheduled its fourth quarter and full-year 2024 earnings conference call. The company will now release its financial results after market close on March 31, followed by a conference call and webcast for investors and analysts at 2:30 P.M. MDT. A replay of the conference call will be available until April 11, 2025.
Spruce Power (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the United States, has scheduled its Fourth Quarter and Full-Year 2024 financial results announcement for March 26 after market close.
The company will host a conference call and webcast for investors and analysts at 2:30 P.M. MDT on the same day. A replay of the conference call will be available until April 9, 2025, accessible by dialing 800-770-2030 with conference ID 3699222.
Spruce Power (NYSE: SPRU) has secured ADT as its first customer for the Spruce Pro servicing business. Under a multi-year Service Agreement, Spruce Pro will manage workmanship and equipment warranty claims for customers of ADT's former solar business, which was discontinued in early 2024. The partnership leverages Spruce's decade-plus experience in managing residential solar assets.
Spruce Pro offers customizable services for third-party owners of distributed generation assets, including financial and asset management operations, customer service support, and environmental commodities trading. CEO Chris Hayes emphasized the company's commitment to growing Spruce Pro and unlocking value from their servicing platform investments.
NJR Clean Energy Ventures (CEV) has sold its 91 megawatt residential solar portfolio to Spruce Power Holding for $132.5 million. The transaction includes approximately 9,800 residential solar systems operated under 'The Sunlight Advantage®' program. Spruce will assume all existing lease agreements with homeowners. NJR plans to use the proceeds to reduce corporate debt and for working capital. Following the sale, CEV will focus on expanding its commercial solar portfolio, supported by a nearly 1 GW pipeline of investment opportunities. Since 2009, CEV has invested over $1.2 billion in solar projects and has become New Jersey's largest commercial solar owner-operator, with assets across multiple states.
Spruce Power (NYSE: SPRU) has acquired a residential solar portfolio from NJR Clean Energy Ventures for $132.5 million. The acquisition includes approximately 9,800 solar systems in New Jersey, expanding Spruce's customer base by ~13% to ~85,000. The Portfolio features long-term lease agreements with homeowners, averaging over 11 years remaining. The deal was funded with $22.7 million cash and a new $109.8 million debt facility from Santander. The Portfolio is expected to generate levered cash flows of approximately $7.0 million for the twelve months ended September 2025, and cumulative levered cash flows of about $22.0 million from 2025 to 2027.
Spruce Power (NYSE: SPRU) reported Q3 2024 financial results with revenues of $21.4 million, down from $23.3 million in Q3 2023, and a net loss of $53.5 million. Operating EBITDA was $17.7 million. The company revised its 2024 guidance to $57-62 million Operating EBITDA and ($12)-($7) million Adjusted Free Cash Flow.
The company executed an LOI to acquire ~10,000 home solar assets, which would increase their portfolio to ~85,000 systems. As of September 30, 2024, Spruce had $113.7 million in unrestricted cash and $631.0 million in total debt with a 5.9% blended interest rate.
Spruce Power Holding (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the United States, announced it will release its third quarter 2024 financial results after market close on Wednesday, November 13. The results will be available on the Investor Relations section of its website. Management will host a conference call and webcast for investors and analysts to discuss the results at 2:30 P.M. MST on the same day. The call can be accessed by dialing 800-715-9871 with Conference ID 6052195. A replay will be available until November 27, 2024, by dialing 800-770-2030 and referencing the same ID.
