Spruce Power files audited FY2024 revenue of $31.9M for acquired 9,800-system NJ solar portfolio

SPRUCE POWER HOLDING CORP

Acquired ~9,800 residential solar systems from NJR Clean Energy Ventures for $132.5M cash; financed with $22.2M cash and $109.8M term loan.
Portfolio generated $31.9M revenue in FY ended Sept 30, 2024; revenues less direct expenses of $19.0M (FY2023: $18.5M).
Net assets acquired as of Sept 30, 2024: $69.4M; total assets $70.4M; ARO liabilities $1.0M.
Additional up to 200 solar assets may be acquired post-closing; 41 acquired on Jan 29, 2025.
NJR will lease back systems under 5 years old; SREC sale agreement with NJR subsidiary through May 2026.

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