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Spruce Power Ends 2023 with $172.9 Million Cash, Expands Solar Portfolio Amid Ongoing Legal Challenges

Spruce Power closed 2023 with total cash of US$172.9 million, including cash and cash equivalents, and restricted cash of $31.6 million. This figure was down year-on-year due to cash outgoings for acquisitions and share buybacks over 2023, as well as ongoing legal proceedings surrounding Spruce’s merger with XL Fleet. In December 2022, XL Fleet acquired Spruce Power for a total cash consideration of approximately US$58 million and the assumption of approximately $542 million of debt. Spruce added approximately 25,000 customers to its distributed solar portfolio in 2023 and now owns around 75,000 home solar assets and contracts in the US. The company expects 2024 operating EBITDA in the range of $68-86 million.

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