Spruce Power Acquires Portfolio Of 2,400 Residential Solar Systems And Contracts For $20.9M
Portfolio Pulse from Akanksha Bakshi
Spruce Power Holding Corp (NYSE:SPRU) has acquired a portfolio of over 2,400 residential solar systems and contracts from a regulated utility company for $20.9 million. The portfolio is expected to generate about $4 million of annual run-rate revenue. The acquisition has increased Spruce's portfolio to over 75,000 home solar assets and contracts, representing approximately 50% growth in less than a year. The company funded the acquisition from the upsizing of its Spruce Power 2 credit facility.
August 21, 2023 | 1:18 pm
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Spruce Power's acquisition of a portfolio of residential solar systems and contracts for $20.9 million is expected to generate about $4 million of annual run-rate revenue. This acquisition represents a 50% growth in Spruce's portfolio in less than a year.
The acquisition of a significant portfolio of residential solar systems and contracts is a positive development for Spruce Power. It not only increases the company's assets but also its potential revenue. The fact that this acquisition represents a 50% growth in the company's portfolio in less than a year indicates a strong growth strategy. Therefore, this news is likely to have a positive impact on the company's stock in the short term.
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