OneRoof Energy to sell 19.8 MW of residential solar assets
July 5 – US residential solar services firm OneRoof Energy Inc said on Monday it has agreed to sell 19.8 MW of its solar project assets to a couple of different third parties.
OneRoof said that it would raise up to USD 61 million (EUR 54.8m) of gross proceeds from the two transactions. About USD 19 million of that has already been funded and the remaining portion is expected to be received in tranches through September 2016.
The company plans to use the newly-raised funds to pay back outstanding amounts under its existing construction loan facility, lower the borrowing base of its senior loans and cover outstanding costs incurred in connection with the projects under development.
“This sale is consistent with our current plan to utilize capital to support strategic growth under our Solar 2.0 model,” said David Field, president and CEO of OneRoof.
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