OneRoof Energy continues wind down of US operations

Facebook
Twitter
LinkedIn
Reddit
Email
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 19, 2024
Texas, USA
Solar Media Events
March 26, 2024
Lisbon, Portugal
Solar Media Events
April 10, 2024
Dallas, Texas USA