Investor Presentation
Measuring Customer Value
• Our solar assets are backed by long-term, subscription-
based contracts, with about 51,000 customers at the end
of 4Q'22. Lease and PPA contract structures allow for
reliable and highly visible cash flows.
•
•
Spruce has $208mm in Net Portfolio Value as of 12/31/22,
a measure reflecting the remaining projected net cash
flows from customers discounted at 6% (PV6).
Projected cash flows include the customer's initial
agreement plus contract renewal period cash flows and the
sale of uncontracted Renewable Energy Credits.
⚫ Net Portfolio Value grows as we add large numbers of
customers through portfolio acquisition. As of 12/31/22,
pro forma the acquisition of the Spruce Power 4 Portfolio,
Net Portfolio Value was $289mm, or $506mm when
including total cash of $217mm.
(1) See Appendix for definitions of Portfolio Value metrics.
$ in millions, unless specified
3Q'22
4Q'22
Contracted Portfolio Value
$520
$510
Renewal Portfolio Value
$215
$215
Uncontracted Renewable Energy Credits
$17
$16
Gross Portfolio Value
$752
$741
(-) Non-Recourse Project Debt
($542)
($533)
Net Portfolio Value
$210
$208
(+) Total Cash
$272
$240
Net Portfolio Value + Total Cash
$481
$448
Subscriber Value Sensitivities
Contracted Portfolio Value - 6%
$520
$510
Contracted Portfolio Value - 5%
$550
$538
Renewal Portfolio Value -6%
$215
$215
$253
$253
Uncontracted Renewable Energy Credits - 6%
$17
$16
Uncontracted Renewable Energy Credits - 5%
$18
$18
Net Portfolio Value - 6%
$210
$208
Net Portfolio Value - 5%
$279
$276
spruce 18
Renewal Portfolio Value - 5%View entire presentation