Spruce Power Offers the Following Statement Regarding the Events Surrounding Silicon Valley Bank
DENVER–(BUSINESS WIRE)–Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, is proactively monitoring the events and possible derivatives of Silicon Valley Bank’s (“SVB”) transition into receivership by the Federal Deposit Insurance Corporation. While Spruce Power will continue to evaluate this fluid situation, the Company has made an initial assessment that its exposure to SVB is immaterial.
Spruce Power has less than $1 million of cash deposit exposure in operating accounts held with SVB. Several of Spruce Power’s subsidiaries are borrowers in non-recourse senior debt credit facilities in place with SVB as either a sole lender or as a party to group of lenders. While in some instances SVB is a counterparty to interest rate hedge instruments associated with these facilities, after initial review the company has determined that such exposure represents immaterial operational and financial impact.
Spruce Power will continue to proactively monitor potential exposure and expects to provide more detailed analysis during the Company’s earnings conference call scheduled for March 23, 2023.
About Spruce Power
Spruce Power Holding Corporation (NYSE: SPRU) is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has approximately 51,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.
Contacts
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Investor Contact: investors@sprucepower.com
Media Contact: PR@sprucepower.com
