OneRoof Energy Inc., a California-based residential solar services provider and wholly owned subsidiary of OneRoof Energy Group Inc., has entered into definitive agreements with two undisclosed third parties to sell a total of 19.8 MW of its solar project assets.
The transactions are expected to generate gross proceeds up to $61 million, with $19 million funded as of the date of this announcement, and $42 million expected to be funded in tranches through September as projects currently in development progress through the final stages of construction.
“The company’s model is to both own residential solar assets, as well as sell assets to third-party investors, depending upon market and other conditions at the time. This sale is consistent with our current plan to utilize capital to support strategic growth under our Solar 2.0 model,” explains David Field, president and CEO of the company. “As previously announced, the company is accelerating its efforts to partner with energy retailers and other home consumer service providers to complement their existing product lines with turnkey solar solutions.”
OneRoof Energy says it expects to use the net proceeds to repay outstanding amounts under the company’s current construction loan facility, to reduce the borrowing base of the company’s senior loans, and to pay outstanding development and installation costs incurred related to the projects under development.