Spruce Power Holding Corporation (NYSE: SPRU), a major owner and operator of distributed solar assets across the U.S., has signed a multi-year agreement to sell its Solar Renewable Energy Credits (SRECs) from New Jersey to a Fortune Global 50 energy company. The deal is expected to generate about $10 million in fully hedged revenue through 2029.
The agreement is part of Spruce’s broader strategy to unlock additional value from its solar portfolio by leveraging its experience in SREC markets. CEO Chris Hayes described the initiative as a “low-cost, low-risk opportunity” to generate high-margin, capital-light cash flow while protecting against market volatility.
According to Hayes, the buyer will likely use Spruce’s SRECs as a compliance tool to balance electricity supply obligations in New Jersey. He added that similar opportunities may emerge in other northeastern states and California, where Spruce is actively seeking new deals.
Spruce also offers SREC management and trading services through its Environmental Commodities Markets (ECM) Desk, alongside financial, asset management, and customer service solutions for third-party solar owners.
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