Investor Presentation

(1) (2) ° Spruce Power's Value Proposition... & ...for Customers Savings versus purchasing electricity from the grid Reduced carbon footprint Backup power during outage events (when combined with storage) Low to no upfront investment Low to no maintenance costs ...for Investors 20+ year contracts that generate stable, recurring cash flows Annual solar production has only a 4% standard deviation (1) - Industry's cumulative defaults for residential solar PPAs and leases have ranged from less than 1% to 6% (2) Long-term customer relationships that have the potential to expand beyond solar Storage - EV Charging Grid Services Incremental revenues from selling environmental credits 888 ...for Society Reduced carbon and greenhouse gas emissions More resilient power grid, making communities less vulnerable as solar is added Increased domestic employment Economy gains access to added energy resources, and clean power attributes to accelerate energy transition Moody's, Solar Outshines Wind and Hydro Power With Steadier Output, April 10, 2017. As per KBRA analysis. KBRA calculates cumulative defaults as a percentage of Aggregate Discounted Solar Asset Balance ("ADSAB"). Cumulative defaults as expressed as a percentage of the original investment. spruce 6

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