Spruce Power gains on sale of renewable energy credits in New Jersey
ReutersAug 8, 2025 1:19 PM
** Shares of solar energy company Spruce Power SPRU.N rise ~35% to $1.53 premarket
** Company signs a multi-year agreement to sell its solar renewable energy credits (SREC) in New Jersey to an "investment-grade energy sector counterparty"
** Spruce expects transaction to generate about $10 million in fully hedged revenue through 2029
** "The counterparty is utilizing Spruce's SRECs as a compliance instrument to hedge their electricity supply positions in the state of New Jersey," says CEO Chris Hayes
** As of last close, shares down 60.6% YTD
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