Investor Presentation
Leading institutions and family offices invest in Spruce Power
1
Gain pure play exposure to residential
solar & distributed energy megatrend
Residential solar installed capacity
expected to grow at a 20% CAGR
from 2017-2024(1), creating
significant TAM for Spruce
Rising electricity prices and
increasingly sophisticated
homeowner energy needs
accelerating growth
Incremental tailwinds from recently
2
...Through a company with a novel and
differentiated growth strategy vs
public peer set...
Low-cost customer acquisition
strategy - growth through M&A vs
direct-to-consumer peers
Industry-leading financial metrics
Revenue per Employee, CAC and
Adjusted EBITDA Margin
Significant liquidity to execute step
change growth via M&A
3
...At an Attractive Value
Spruce trading at levels below both
the present value of contracted
cash flows AND cash
Net Portfolio Value of over
$280mm, including significant
contracted value(2)(3)
$3.42 of Net Portfolio Value plus
cash per share ($1.95 + $1.47)
versus current share price of
$0.82(4)
passed IRA
(1)
Residential solar installation data based on BloombergNEF '2H 2022 US Clean Energy Market Outlook: Supersized Buildup'.
(2) See Appendix for definition of Net Portfolio Value.
1234
(3)
(4)
As of 12/31/22, pro forma the acquisition of the Spruce Power 4 Portfolio announced on March 23, 2023.
Based on cash and restricted cash of $217 million as of 12/31/2022 pro forma the acquisition of the Spruce Power 4 Portfolio announced March 23, 2023, and 147.9 million
shares outstanding as of 12/31/2022 and a share price of $0.82 as of March 31, 2023.
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