Spruce Power Holding Corporation, a US-based owner and operator of distributed solar energy assets, has signed a multi-year agreement to sell Solar Renewable Energy Credits in New Jersey to a Fortune Global 50 counterparty. According to Spruce Power, the agreement is expected to generate about $10 million in fully hedged revenue through 2029, ensuring predictable cash flow. Spruce Power has stated that the buyer will use the credits as compliance instruments to hedge electricity supply positions in New Jersey. The company has indicated plans to secure similar agreements in other northeastern states and California in the future. Earlier this year, Spruce Power partnered with Hot Purple to monetize Solar Renewable Energy Credits in California under a separate arrangement. Spruce Power operates about 85,000 home solar assets and contracts nationwide and provides financial, asset management, and environmental commodities trading services.