OneRoof Energy, Inc., a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, announced that it entered into definitive agreements with two different third parties (each, a "Transaction," and collectively, the "Transactions") to sell 19.8 MW of its solar project assets (the "Project Assets") in the aggregate. 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 of 2016 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," said 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 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.