Discover our upstream and downstream technical journals
California's OneRoof Energy continues the gradual winding down of operations, this time with a default on its office space rent, which could result in the foreclosure of company assets. Source: OneRoof Energy

California's OneRoof Energy continues the gradual winding down of operations, this time with a default on its office space rent, which could result in the foreclosure of company assets. Source: OneRoof Energy

San Diego, California-based residential solar company OneRoof Energy continues to wind down US operations, this time with a default under its head office lease.

If no compromise is reached, the company could be forced to vacate its headquarters in addition to its liability for unpaid rent which is currently in excess of US$160,000.

As of yet, OneRoof has not received any notice of default or acceleration from its secured lenders. But crucially, the company’s total liabilities under the secured loan facilities exceeds the value of its assets; meaning that an acceleration of the secured loans could result in the foreclosure the majority of, or all of, OneRoof’s assets.

In light of winding down operations, OneRoof has adjusted the employment agreements of two executive board members – David Field and Dalton Sprinkle.

Most recently, the company announced its plans to sell 19.8MW of its solar project assets in the aggregate. In July, OneRoof secured US$50 million construction loan facility to finance new solar projects.

Tags: us, usa, california, oneroof, residential, investment, finance

Solar Media Events

Utility Solar Summit UK

Jun 15 - Jun 16, 2021

London, UK

The Utility Solar Summit UK will focus entirely on the opportunities in the UK ground-mount space and feature the new technology and advanced innovations allowing asset owners to improve yield in a subsidy free market. Listen to senior market leaders share stories of their successes and manufacturers pushing the envelope for solar PV whilst taking advantage of our enhanced networking features to connect you with your peers onsite; realising the potential of UK utility scale deployment from 2020 and beyond.

Find out more

Solar Media Events

Solar & Storage Finance USA Virtual Summit

Nov 17 - Nov 19, 2020

Virtual Event

Solar & Storage Finance USA Virtual Summit, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2020 for its 7th edition!

Find out more

Comments