Spruce Power Acquires Portfolio Of 2,400 Residential Solar Systems And Contracts

Aug 21, 2023•almost 2 years ago

Acquiring Company

Spruce Power Holding Corporation

Acquired Company

2 400 Solar Systems

Houston

Long IslandSolarRenewable EnergyEnergyBuilding MaintenanceEnergyConstruction

Description

Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, today announced the acquisition of a portfolio of over 2,400 residential solar systems and contracts from a publicly traded, regulated utility company for $20.9 million. The acquisition closed on August 18, 2023.

Company Information

Company

Spruce Power Holding Corporation

Location

Houston, Texas, United States

About

Spruce Power Holding Corporation (NYSE: SPRU) is a leading owner and operator of distributed solar energy assets across the United States. They provide subscription-based services that make it easy for homeowners to benefit from rooftop solar power and battery storage. Their power as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs.

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Based on deal data

Integration timeline

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Tech stack consolidation

83% of merged companies consolidate technology vendors within first year

Post-acquisition investment

Companies increase IT spending by 23% on average after acquisitions

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