Latest news with #SREC
Business Wire
08-08-2025
- Business
- Business Wire
Spruce Power Signs Multi-Year Multimillion Dollar Agreement to Sell Renewable Energy Credits in New Jersey
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 agreement to sell Spruce's Solar Renewable Energy Credits ('SRECs') in the state of New Jersey to an investment-grade energy sector counterparty that is ranked among the Fortune Global 50. The transaction is expected to generate approximately $10 million in fully-hedged revenue for Spruce through 2029. This partnership is part of a broader Spruce initiative to leverage the Company's platform and experience to capture the benefits of our SRECs. Chris Hayes, Chief Executive Officer of Spruce said, 'We view scaling SREC registration as a low cost, low risk opportunity to generate capital-light high margin, cash flow for the Company. This transaction is another example of Spruce's expertise in maximizing value from our assets while hedging against future price movements. The forward contract provides an important ongoing hedged revenue stream and reinforces the dependability of Spruce's cash flow generation.' Hayes concluded, 'We believe the counterparty is utilizing Spruce's SRECs as a compliance instrument to hedge their electricity supply positions in the state of New Jersey. We anticipate similar opportunities may be available to Spruce in certain northeastern states as well as California, which we are actively pursuing.' Distributed generation solar owners interested in maximizing SREC revenue should contact Spruce's Environmental Commodities Markets ('ECM') Desk at ecmdesk@ to learn more about Spruce's SREC operations and trading expertise. Potential SREC compliance buyers should also contact Spruce Power. 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 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 Forward Looking Statements Certain statements in this press release may constitute 'forward-looking statements' within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and rules promulgated thereunder. Forward-looking statements generally are characterized by the use of certain words or phrases (and their derivatives) such as 'believe,' 'continue,' 'may,' 'will,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'plan,' 'goals,' 'predict,' 'potential,' 'seem,' 'seek,' 'future,' 'outlook,' and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include statements regarding the Company's initiatives and future opportunities with respect to SRECs and the expected benefits with respect to this transaction and future similar transactions, including expectations with respect to the fully hedged revenue expected to be generated by this transaction. These statements are based on our current plans and strategies, as well as various assumptions, whether or not identified in this press release, and on the current expectations of management, all of which management believes are reasonable as of the date of this report, and reflect our current assessment of the risks and uncertainties related to the Company's business and are made as of the date of this press release. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing knowledge about the Company's business and operations, 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 those expressed in or implied by forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry and home electrification; uncertainties relating to the solar energy industry; the ability to identify and complete strategic acquisitions or strategic relationships; our ability to successfully integrate acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company's business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability claims, government investigations and/or adverse publicity; cost increases or shortages in the materials necessary to support the Company's products and services; the introduction of new technologies; the impact of natural disasters and other events beyond our control, such as hurricanes, wildfires or pandemics, on the Company's business, results of operations, financial condition, regulatory compliance and customer experience; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of the Company's business and the timing of expected business milestones; the effects of competition on the Company's future business; the availability of capital, including the availability and cost of borrowings; 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 Reports on Form 10-Q 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 those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. 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 applicable law.
Business Wire
14-07-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Sunrun Pangea Issuer 2025-2, LLC
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes issued by Sunrun Pangea Issuer 2025-2, LLC. The transaction is collateralized by a diversified pool of 63,318 leases and power purchase agreements (PPAs) associated with residential solar photovoltaic installations (PV Systems). The total Aggregate Discounted Solar Asset Balance (ADSAB) based on a discount rate of 7.3%, consisting of the discounted payments of the leases and PPAs is approximately $597.1 million. The three largest geographic concentrations include California, New York and Maryland, which together represent approximately 65.3% of the number of PV Systems and approximately 66.5% of the ADSAB. The portfolio consists of approximately 92.9% PPA agreements and 4.7% lease agreements by ADSAB of customer contracts with monthly payments and 2.4% Hedged Solar Renewable Energy Certificates (SREC). The weighted average original and remaining tenor of the PPAs and leases are 240 months, and 122 months, respectively. The weighted average FICO of the underlying customers of the PV Systems is 757. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010283
Yahoo
04-06-2025
- Business
- Yahoo
FirstEnergy completes third solar site in West Virginia
MARLOWE, (WBOY) — FirstEnergy, which operates Mon Power and Potomac Edison in West Virginia, has converted an ash landfill in Berkeley County into a solar site, the third one by the company in West Virginia. The site has 17,000 solar panels and produces 5.75 megawatts of power, which is enough to power almost 1,000 homes, according to estimates. A press release from FirstEnergy said the site, along with the two other operational sites in Maidsville and Rivesville, will help meet West Virginia's electricity needs. Photo of West Virginia Trooper praying with homeless man goes viral 'Our solar projects create construction jobs, support U.S. manufacturing and help us accommodate increased demand for electricity. We are committed to ensuring that our customers have the right mix and amount of generation to support their everyday needs, and our solar facilities are a growing part of that,' Dan Rossero, Vice President of FirstEnergy's West Virginia Generation, said in the press release. FirstEnergy has plans to create five total solar sites in West Virginia which will create enough power for more than 8,000 homes and generate more than 87,000 solar renewable energy credits (SREC) that can be purchased by customers in West Virginia. According to FirstEnergy, at 4 cents per kilowatt hour on top of normal rates, West Virginia customers can purchase and use SREC for as little as $2 per month. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
16-05-2025
- Business
- Yahoo
Spokane promised share of 911 dispatch funds if negotiations fail with regional dispatcher
May 15—A once-contentious bill to claw back Spokane's share of taxes funding the regional 911 dispatch service was signed by Governor Bob Ferguson Thursday — and after some modifications, all sides appear pleased by the outcome. "We are very pleased with the amended bill language," said Cody Rohrbach, Fire District 3 chief and chair of the regional dispatcher's board. Every police and fire jurisdiction in Spokane County, except for the Spokane Police Department, is a member of Spokane Regional Emergency Communications, or SREC. After years of negotiations to bring the city police department into the fold, stalled over disputes about fees and power on the SREC board, the proposal collapsed in January as the SREC board voted instead to kick the city fire department out of the partnership. This left the city scrambling to stand up its own 911 dispatch service and find the funds to do so. While the SREC board has since somewhat walked back its January decision, and both parties are expected to soon enter mediation to talk through possibly repairing the partnership, the bill signed Thursday does guarantee some funding if the city goes it alone. Days before negotiations collapsed in January, Spokane's state Reps. Timm Ormsby and Natasha Hill introduced a bill that would claw back funds from the regional dispatcher, though the rest of the SREC coalition initially accused lawmakers of trying to take more than the city was owed. The regional dispatcher is funded through a sales tax, an excise tax on phone bills, and a user fee each jurisdiction must pay on top of the taxes proportional to their demand on the system. The sales tax is apportioned by law and will return to the city upon its full exit from the SREC system, according to city officials. That left a brewing fight over the roughly $5 million of excise tax dollars generated per year in the county. About 55% of the 911 calls in Spokane County last year came from within Spokane city limits, and city leadership and their allies in the legislature initially argued the city should receive roughly that large a slice of the pie. When it was first introduced, HB 1258, which was narrowly tailored and only applies to Spokane and SREC, gave the city more than half of the excise taxes. But the rest of SREC's leadership believes that the city is only owed the tax dollars generated within its own borders, which they estimate at closer to 42% based on the city's population, implicitly arguing the city should not receive funding to compensate for its higher per-capita need, including due to the disproportionate share of people commuting into the city for work. The bill was amended, however, in such a way as to leave the final apportionment undetermined. The city and the rest of the SREC coalition can either come to an agreement or fight it out in Spokane County Superior Court. If the city goes it alone, payments to the city begin in 2026. "I am grateful to the Washington Legislature and Governor Bob Ferguson for passing House Bill 1258 and signing it into law," Spokane Mayor Lisa Brown wrote in a statement. "This bill ensures equitable distribution of local 911 excise tax funding for emergency communications, which is essential in building a fair, effective, and reliable system should the City of Spokane need to establish its own."
Yahoo
20-03-2025
- Politics
- Yahoo
Spokane dispatch funding bill passes house, heads to Senate
Mar. 19—OLYMPIA — A bill to divvy up tax revenue as the Spokane Fire Department prepares to leave the regional 911 center continues to move forward in the Washington Legislature. Every police and fire jurisdiction in Spokane County, except the Spokane Police Department, is a member of Spokane Regional Emergency Communications, or SREC. In January, following years of negotiations to bring the city police department into the agency, the proposal collapsed and the SREC board voted to end negotiations and remove the city fire department. Sponsored by Democratic state Reps. Timm Ormsby and Natasha Hill of Spokane, the bill would divide roughly $5 million of excise tax dollars generated per year in the county. While similar proposals have been introduced in previous sessions, the legislation took a step forward last week after it successfully passed out of the House of Representatives. The bill is under consideration in the Senate Ways and Means Committee. The regional dispatcher is funded through a sales tax, an excise tax on phone bills, and a user fee each jurisdiction must pay on top of the taxes proportional to their demand on the system. The excise tax dollars generated per year in the county are the source of the argument. With around 55% of the 911 calls in Spokane County last year coming from Spokane city limits, city leadership argued the city should receive roughly that proportion of revenue from the excise tax. "If we have to run a primary PSAP, it's only right that we should have a portion of the two dedicated funding streams that are meant to fund that service in our county," Spokane City Administrator Alex Scott said as he testified in support during a Senate Ways and Means Committee hearing Tuesday. At the hearing, Spokane Fire Chief Julie O'Berg testified that funding from the bill would "provide a framework for the communications infrastructure we are losing by being removed from the regional communication system, provide training for dispatchers, and implement technologies that can save lives." "The passage of the bill is a critical component to ensuring that our emergency response system remains robust and is capable of meeting the needs of our growing community," O'Berg said. Katy Myers, chair of the Washington state 911 advisory committee, argued the bill "contradicts our repeated recommendations to protect the integrity of the 911 excise tax fund." The bill, Myers said, would "further divide an already insufficient fund," and she urged members of the Senate to vote against it. "My biggest concern is that you're taking a fund that's already underfunded and putting it out into more centers, which costs more money," Myers said. A similar bill was introduced in 2023, but it was not adopted after its sponsors acknowledged it would likely disrupt ongoing negotiations. As of Wednesday, a vote in the Senate Ways and Means Committee has not been scheduled.
