Spruce Power posts increased Q3 revenue following large asset acquisition



August saw the company acquire 2,400 new residential solar systems and contracts. Image: REC Solar.

US distributed solar asset owner Spruce Power has posted increased sequential revenues and adjusted EBITDA in the third quarter of 2023, as its total portfolio of residential solar assets and contracts increased to over 75,000.

Revenues were US$23.3 million in Q3, up from US$22.8 million in Q2 and US$18.1 million in Q1. Year-on-year revenues were up more than fourfold, from just over US$5 million in Q3 2022. Adjusted EBITDA was US$14.9 million in Q3 2022 compared with US$13.8 million in Q2.

(The above content is reproduced from pv-tech,By Will Norman)



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