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Non-Recourse Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table provides a summary of the Company’s debt as of December 31, 2023 and 2022:

As of December 31,
(Amounts in thousands)Due20232022
SVB Credit Agreement, SP1 Facility (1)
April 2026$214,803 $232,786 
Second SVB Credit Agreement, SP2 Facility (1)
May 202785,231 70,314 
KeyBank Credit Agreement, SP3 Facility (1)
November 202758,962 64,181 
Second KeyBank Credit Agreement (1)
April 2030162,725 165,887 
Deutsche Bank Credit Agreement, SP4 Facility August 2025125,000 — 
Less: Unamortized fair value adjustment (1)
(27,600)(33,413)
Less: Unamortized deferred financing costs(341)— 
Total debt
618,780 499,755 
Less: Non-recourse debt, current(27,914)(25,314)
Non-recourse debt, non-current$590,866 $474,441 

(1) In connection with the acquisition of Legacy Spruce Power effective September 9, 2022, the Company assumed long-term 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 long-term 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 years ended December 31, 2023 and 2022 was $5.9 million and $1.8 million, respectively.
Schedule of Maturities of Long-Term Debt
As of December 31, 2023, the principal maturities of the Company’s debt were as follows:

As of December 31,
(Amounts in thousands)2023
2024$27,915 
2025153,566 
2026191,982 
2027110,533 
2028— 
Thereafter
162,725 
    Total
$646,721