Investor Presentation
Proven Execution of Acquisition Strategy
...With Visibility to Continued Step-Change Growth
✓ Acquired 55,000 residential solar
systems and contracts in 12 separate
transactions since commencing M&A
growth strategy in 4Q'18
✓ Strong track record of generating
attractive equity returns with levered
IRRs ranging in the low to mid teens
✓ Current pipeline consists of either
bilateral or marketed processes,
representing thousands of systems
•
Spruce Solar Systems & Contracts ('000s)
30
21
24
50
50
~34% CAGR
88
48
5
51
72+
YE18
YE19
YE20
YE21
YE22
1Q'23
1Q23 owned systems and contracts pro forma the acquisition of the Spruce Power 4 Portfolio announced on March 23, 2023.
During 2021, Spruce did not transact primarily as a result of COVID related market disruptions. During 2022, Spruce acquired one
portfolio of residential solar systems in 1H22, and the balance of the year was dedicated to the Company's merger process.
spruce 11View entire presentation