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Spruce Power Holding Corporation (symbol: SPRU) is a prominent player in the distributed solar energy sector in the United States. The company is dedicated to making renewable energy accessible and affordable through its innovative subscription-based services. With a customer base of approximately 75,000 home solar assets and contracts, Spruce Power's core offerings focus on generating and selling electricity from home solar energy systems, trading solar renewable energy credits (SRECs), and maintaining agreements for third-party owners of solar systems.
Founded with a mission to promote sustainability, Spruce Power collaborates closely with homeowners to deliver clean energy solutions that save money and reduce carbon footprints. The company leverages advanced technology to ensure efficient energy production, making significant strides in the renewable energy market.
Spruce Power's operations are grounded in financial stability, with steady revenue streams from electricity sales and SRECs. The company also benefits from strategic partnerships and institutional contracts, enhancing its market presence and ensuring long-term growth.
By providing low-risk, high-efficiency hybrid electric powertrain technology for commercial fleet vehicles, Spruce Power extends its environmental impact beyond residential solar solutions. Their hybrid technology, developed by a team from MIT, helps businesses reduce fuel consumption, lower costs, and decrease emissions without compromising performance.
Recent achievements include expanding their solar asset portfolio and strengthening their service agreements with various institutional partners. Spruce Power continues to innovate and adapt, aiming to meet the increasing demand for sustainable energy solutions and support communities in transitioning to renewable energy sources.
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.
Spruce Power Holding (NYSE: SPRU) reported its Q2 2024 financial results, with revenues of $22.5 million, a net loss of $8.6 million, and Operating EBITDA of $14.4 million. The company ended the quarter with $116.6 million in unrestricted cash. Spruce refinanced its SP4 Facility, injecting over $6 million of incremental capital. The company maintains its 2024 guidance for Operating EBITDA of $68-$86 million and Adjusted Free Cash Flow of $0-$5 million, trending towards the lower end. Spruce owns cash flows from approximately 75,000 home solar assets across 18 U.S. states, with an average remaining contract life of 11 years. The company's Gross Portfolio Value was $778.0 million as of June 30, 2024.
Spruce Power Holding (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the US, will report its second quarter 2024 financial results after market close on August 14, 2024.
Following the release, management will host a conference call and webcast at 2:30 P.M. MDT to discuss the results with investors and analysts.
The press release will be available in the Investor Relations section of Spruce's website. The conference call can be accessed by dialing 888-596-4144 with Conference ID 6052195, and a replay will be available until August 28, 2024, by dialing 800-770-2030 with the same Conference ID.
Webcast link: https://events.q4inc.com/attendee/279658323.
Spruce Power Holding (NYSE: SPRU) has appointed Richard DiMatteo as Senior Vice President, Head of Spruce Pro. This move aligns with Spruce's strategy to expand its distributed energy platform by extending its servicing solutions to third-party asset owners. Richard DiMatteo, with a robust background in renewable energy services, will oversee product innovation, market strategy, and leverage Spruce’s existing capabilities to boost high-margin organic revenue. DiMatteo’s prior roles include Co-founder and EVP at Highland Electric Fleets, where he pioneered the Transportation Equipment Services Agreement (TESA) for fleet electrification. His experience also spans roles at Edison Energy, SunEdison, and GE.
Spruce Power has closed a $130 million non-recourse debt facility with Barings This new financing replaces the company's previous $125 million term loan, adding net incremental capital. The facility, rated A+ by Kroll, is priced at a fixed rate of 6.889%. It is backed by contracted cash flows from over 22,000 solar contracts in Spruce's portfolio, with a 69% advance rate. The refinancing provides a net capital injection of over $6 million after fees and the termination of interest rate swaps. The company expects continued strong performance from its variable rate PPAs, particularly in California, where rising retail electric prices have boosted cash flows.
Spruce Power Holding (NYSE: SPRU), a leading distributed solar energy asset operator in the U.S., announced the appointment of Clara Nagy McBane to its Board of Directors. The Board now comprises seven members. Clara's extensive experience in renewable energy, including her role as CEO of Ventura Energy, is expected to bolster the company's strategic vision. The appointment follows a Cooperation Agreement with Clayton Capital Appreciation Fund, L.P. and Clayton Partners , which includes various customary provisions and will be documented in a Form 8-K with the SEC. Clara's past roles include senior positions at SOURCE Global PBC, Advanced Microgrid Solutions, and Sunlink
Spruce Power Holding (NYSE: SPRU) reported its Q1 2024 financial results, revealing $18.3 million in revenue, a net loss of $2.5 million, and an Operating EBITDA of $10.7 million. The company ended the quarter with $120.6 million in unrestricted cash. Newly appointed CEO Chris Hayes aims for growth through the Spruce Pro servicing platform. Core operating expenses were $16.6 million, down from the previous year's $17.6 million. The total cash position decreased to $149.7 million due to legal settlements. Spruce reaffirmed its 2024 guidance with Operating EBITDA expected between $68-$86 million.
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