Spruce Power improves financial results in 2022, sets out growth plan

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Spruce Power owned about 51,000 rooftop solar assets and contracts as of the end of 2022. Image: Unsplash

US residential rooftop solar system owner and operator Spruce Power has reported an improved financial result for the last quarter and the entire 2022, while the recent acquisition of a portfolio will bolster its stable asset base in the future.

The company said it completed the acquisition of the new Spruce Power 4 Portfolio with over 22,000 customer contracts in Q1 2023, which allowed it to grow its customer count by over 40% in a single quarter.

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President and CEO Christian Fong said the company aimed to grow its system and customer contract portfolio to 90,000 by the end of 2024, equivalent to about 80% growth in two years. Also, Spruce Power will use up to 20% of its EBITDA on capital improvements to its portfolio and servicing technologies, and the rest on a combination of acquisitions, and debt repayment, among other measures.

When it comes to Spruce Power’s financial performance, it lost US$4.11 million in terms of adjusted EBITDA, improving from losing US$26.2 million in 2021. The financial result improved in the final quarter last year as the adjusted EBITDA improved from losing US$8.26 million in Q4 2021 to gaining US$3.49 million in Q4 2022.

Revenue totalled US$18.1 million for Q4 2022, compared to US$5.1 million for Q3 2022 thanks to discontinued operations. The increase in revenue was due to a full quarter of contribution from Spruce Power following an acquisition completed in September 2022.

As of the end of 2022, Spruce Power owned about 51,000 rooftop solar assets and contracts across 16 US states. The combined portfolio generation for the three months that ended on 31 December 2022 was 76GWh.

Previously, a report unveiled that the residential solar industry in the US would be set for a growth spurt in 2023 and beyond as homeowner concerns combine with the blossoming impacts of the Inflation Reduction Act (IRA).

77% of US homeowners either already have solar arrays installed or are interested in doing so, and one in ten reported that they had residential modules fitted in the last year, according to the report. 

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