Spruce Power Offers the Following Statement Regarding the Events Surrounding Silicon Valley Bank

Rhea-AI Summary

Spruce Power Holding Corporation (NYSE: SPRU) is monitoring the transition of Silicon Valley Bank into receivership by the Federal Deposit Insurance Corporation. The Company has assessed its exposure to SVB as immaterial, reporting less than $1 million in cash deposits with the bank. Additionally, while some subsidiaries are involved in non-recourse senior debt facilities with SVB, the Company anticipates negligible operational and financial impact. Spruce Power will continue to evaluate the situation and provide an update during its earnings call on March 23, 2023.

Positive

• Spruce Power's exposure to Silicon Valley Bank is assessed as immaterial.
• The Company has less than $1 million in cash deposits with SVB.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, is proactively monitoring the events and possible derivatives of Silicon Valley Bank’s (“SVB”) transition into receivership by the Federal Deposit Insurance Corporation. While Spruce Power will continue to evaluate this fluid situation, the Company has made an initial assessment that its exposure to SVB is immaterial.

Spruce Power has less than $1 million of cash deposit exposure in operating accounts held with SVB. Several of Spruce Power’s subsidiaries are borrowers in non-recourse senior debt credit facilities in place with SVB as either a sole lender or as a party to group of lenders. While in some instances SVB is a counterparty to interest rate hedge instruments associated with these facilities, after initial review the company has determined that such exposure represents immaterial operational and financial impact.

Spruce Power will continue to proactively monitor potential exposure and expects to provide more detailed analysis during the Company’s earnings conference call scheduled for March 23, 2023.

About Spruce Power

Spruce Power Holding Corporation (NYSE: SPRU) is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has approximately 51,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.

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For More Information

Investor Contact: investors@sprucepower.com

Media Contact: PR@sprucepower.com

Source: Spruce Power Holding Corporation

FAQ

How does Spruce Power's exposure to Silicon Valley Bank affect its operations?

Spruce Power has assessed its exposure to Silicon Valley Bank as immaterial, indicating minimal impact on its operations.

What is the cash deposit exposure of Spruce Power with Silicon Valley Bank?

Spruce Power has less than $1 million in cash deposit exposure with Silicon Valley Bank.

When will Spruce Power provide updates on its financial status regarding Silicon Valley Bank?

Spruce Power will provide more detailed analysis during its earnings conference call scheduled for March 23, 2023.

Is Spruce Power involved in any debt facilities with Silicon Valley Bank?

Yes, several of Spruce Power's subsidiaries are borrowers in non-recourse senior debt credit facilities with Silicon Valley Bank.