Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

The following table provides a summary of the Company’s debt as of March 31, 2024 and December 31, 2023:

		As of
(Amounts in thousands)	Due	March 31, 2024		December 31, 2023
SVB Credit Agreement, SP1 Facility (1)	April 2026	$	211,122	$	214,803
Second SVB Credit Agreement, SP2 Facility (1)	May 2027	83,416		85,231
KeyBank Credit Agreement, SP3 Facility (1)	November 2027	57,756		58,962
Second KeyBank Credit Agreement (1)	April 2030	162,725		162,725
Deutsche Bank Credit Agreement, SP4 Facility	August 2025	125,000		125,000
Less: Unamortized fair value adjustment (1)		(26,172)		(27,600)
Less: Unamortized deferred financing costs		(311)		(341)
Total Non-recourse debt		613,536		618,780
Less: Non-recourse debt, current		(28,181)		(27,914)
Non-recourse debt, non-current		$	585,355	$	590,866

(1) In connection with the acquisition of Legacy Spruce Power effective September 9, 2022, the Company assumed all non-recourse debt instruments valued at approximately $507.2 million as of that date. In connection with accounting for the business combination, the Company adjusted the carrying value of this non-recourse debt to its fair value as of the Acquisition Date. This fair value adjustment resulted in a reduction of the carrying value of the debt by $35.2 million. This adjustment to fair value is being amortized to interest expense over the life of the related debt instruments using the effective interest method. Amortization expense for the fair value adjustment for the three months ended March 31, 2024 and 2023 were $1.5 million and $1.5 million, respectively.