Investor Presentation
Executing Our Growth Through Acquisition Strategy
1Q 2023 Deal Grows Customer Contract Base by 44%
✓ Spruce closed the acquisition of SS Holdings, 2017 and its
subsidiaries (the "Spruce Power 4 Portfolio") on March 23, 2023
✓ Net cash paid at close was $23mm and Spruce assumed
$125mm of non-recourse project debt
✓ Represents Spruce's largest-ever acquisition, adding
approximately 22,500 residential solar contracts and increasing
Spruce's overall customer contract base by 44%
✓ Expands Spruce's footprint from 16 to 18 states through the
addition of two new markets, Washington and Oregon
Key Portfolio Highlights
$206mm of Contracted Portfolio
Value(1)
Cash generation in 2023 expected
from annual billings of $21mm and
portfolio EBITDA of $18mm
22,500 residential solar contracts
Customers diversified across 10 states
Average remaining contract life of
nearly 15 years
High credit quality with average
customer FICO score of 738
(1)
Represents management's estimate for Contracted Portfolio Value of the Spruce Power 4 Portfolio as of February 2023.
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