OneRoof Energy Secures US $20 Million in Financing

OneRoof Energy rooftop solar

OneRoof Energy, Inc., a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc.  announced that it signed a loan agreement with North Sky Capital’s Alliance Fund II. The loan agreement was arranged by GoldenSet Capital, a sub-advisor to Alliance Fund II, and will provide the OneRoof Energy with a US$20 million loan facility .

“GoldenSet Capital and North Sky Capital are great partners,” said David Field, president and chief executive officer of OneRoof Energy. “The residential solar industry continues to expand at a fast pace. To meet the demand of this capital intensive industry, we are pleased to be working with this group who have been supportive with continued funding.”

Loan amounts may be drawn by theOneRoof Energy under the Facility from time to time subject to the the satisfaction of certain borrowing base and other funding conditions. Principal and interest on the Facility will mature in two and one half years and interest will accrue at a fixed rate of 15 percent per annum, compounding monthly, from the date of the closing of the Facility. The Facility is secured by a second lien on the assets of the Company that are not otherwise pledged under project financings, will be secured by a first lien in the Company’s sponsor equity interest in its next tax equity fund and will be senior to the Company’s subordinated convertible and non-convertible notes in each asset class.

The closing of the Facility is subject to all applicable regulatory approvals, including the acceptance of the TSXV. Proceeds from the Facility will be used for investment in solar projects and general working capital purposes.

Press Release About Press Release

Leave a Reply

Your email address will not be published.