Spruce Power Announces Acquisition of Residential Solar Portfolio from NJR Clean Energy Ventures, Adding Nearly 9,800 Customers in New Jersey
-Deal Grows Spruce's Home Solar Assets and Contracts by ~13% to ~85,000-
-Accelerates Operating Efficiencies to Enhance Customer Experience and Shareholder Value-
Spruce Power Holding Corporation (NYSE:SPRU) ("Spruce" or the "Company") today announced the acquisition of a residential solar portfolio from NJR Clean Energy Ventures ("CEV"), a subsidiary of New Jersey Resources Corporation (NYSE:NJR), for $132.5 million. The acquisition closed on November 22, 2024.
The acquired assets ("Spruce Power 5 Portfolio" or the "Portfolio") consist of approximately 9,800 solar systems in New Jersey that were installed under a CEV residential solar program between 2010 to 2024. Solar systems under
