Spruce Power Wins Competitive Spruce PRO Backup Servicing Agreement Expanding to Puerto Rico, Cementing Status as the Go-To End-to-End Solar Portfolio Servicer

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09/26/2025 - 08:30 AM

- Demonstrates Further Traction for Spruce PRO Servicing Solutions and Supports Sunvida’s Efforts to Ensure Business Continuity and Quality Assurance for its Residential Solar Customers

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, announced a multi-year backup servicing agreement with Sunvida, a premier Puerto Rico-based solar financing options platform. The Spruce PRO backup servicing partnership will initially include data storage, data validity and reporting, with the potential for an expanded relationship over time.

“Many financial organizations supporting residential solar development are taking action to require backup servicing. Spruce’s proven and highly efficient service offering positions us well to reduce project risk and win new business,” said Chris Hayes, Chief Executive Officer of Spruce. “This agreement enables Spruce to establish relationships with great new partners like Sunvida that maintain operations both in Puerto Rico and the continental United States. It also underscores our ability to serve asset owners and financial partners of all types from regional investors to Third Party Owners and Fortune Global 50 companies.”

“Sunvida is dedicated to making solar and energy storage accessible in Puerto Rico given our year-round sunshine, the high cost of power from traditional sources and grid availability challenges. We understand the needs of this community, and are entirely committed to providing our customers with exceptional quality, availability and continuity,” said Frank Lopez, President & CEO at Sunvida. “We are pleased to secure Spruce as a backup service provider given its experience and capabilities as we take the steps needed to ensure resilience and quality assurance for our platform.”

Puerto Rico is among the leading U.S. states and territories for residential solar energy adoption on a per capita basis.

Spruce PRO offers a suite of services that can be tailored for third-party owners of distributed generation assets, including financial and asset management operations, customer service support, and environmental commodities trading. For more information on Spruce PRO, please visit https://sprucepower.com/pro/.

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 benefit from rooftop solar power and battery storage. Our power as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company owns the cash flows from approximately 85,000 home solar assets and contracts across the United States. For additional information, please visit www.sprucepower.com.

About Sunvida

SunVida is the premier solar financing options platform, dedicated to making clean energy accessible through flexible, transparent, and consumer-friendly solutions. By partnering with leading financial institutions and offering direct rent-to-own programs, we facilitate consumers to adopt solar and energy storage. From lowering energy bills to enhancing sustainability, SunVida makes the transition to clean power simple, reliable, and tailored to your long-term goals. For more information on Sunvida visit www.sunvida.com.

Cautionary Note Regarding Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are characterized by the use of certain words or phrases (and their derivatives) such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “opportunity,” “plan,” “goals,” “target” “predict,” “potential,” “estimate,” “should,” “will,” “would,” “continue,” “likely,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based upon our current plans and strategies, management’s assumptions and expectations about future events, and market conditions and reflect our current assessment of the risks and uncertainties related to our business and are made as of the date of this release. Forward-looking statements in this release may include, without limitation, statements made in Mr. Hayes’ quotation. There can be no assurance that actual future results, performance or achievements of, or trends affecting, us will not differ materially from any future results, performance, achievements or trends expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from historical results or the forward-looking statements contained herein; competition from traditional energy companies as well as solar and other renewable energy companies; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31, 2025, subsequent Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, and other documents that the Company files with the SEC in the future. These factors are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from the results implied by these forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.