Spruce Power Offers the Following Statement Regarding the Events Surrounding Silicon Valley Bank
March 10 2023 - 7:09PM
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.
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For More Information
Investor Contact: investors@sprucepower.com Media Contact:
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