SPRUCE POWER HOLDING CORP

Spruce Power Holding Corporation owns and operates distributed solar energy assets across the United States. The company offers subscription-based services for approximately 84,000 home solar assets and customer contracts. Spruce Power focuses on owning and maintaining home solar energy systems for homeowners in the U.S. Its main revenue sources include leasing home solar energy systems and selling the electricity they generate to homeowners through long-term customer agreements that require recurring monthly payments. The company also sells solar renewable energy credits (SRECs) generated by its systems at contracted prices. Additionally, Spruce Power services third-party-owned solar energy systems through its Spruce Pro platform, which manages over 60,000 systems for third parties, as well as its own portfolio. These managed services include billing and collections/asset recovery, account support, financial asset management, homeowner support and servicing technology, asset operations, and SREC transaction services. Launched in the first quarter of 2024, the Spruce Pro brand extends its residential servicing platform to the commercial solar market, providing services for residential, commercial, and industrial assets owned by third parties. Spruce Power also generates cash flows and interest income from customer contracts under a master lease agreement.