OneRoof Energy continues wind down of US operations

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on 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.

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.

Read Next

January 21, 2022
Toronto-based renewables developer Amp Energy has closed on a US$350 million credit facility to advance on a global portfolio of renewables and battery energy storage assets.
January 21, 2022
US solar installer SunPower is to be hit by a cracking issue discovered in connectors associated with equipment installed in some commercial and industrial (C&I) projects, resulting in charges of around US$31 million.
January 20, 2022
Independent power producer (IPP) Cordelio Power has secured a 900MWac pipeline of solar projects in New York and Pennsylvania from project developer SunEast Renewables.
January 19, 2022
Innovative Solar Systems (ISS), a utility-scale solar developer with a 12GW pipeline, has put itself up for sale, as it seeks partners to support the company in its development of ever larger PV projects across the US.
January 19, 2022
US solar developer 8minute Solar Energy has closed US$400 million in financing from institutional investor EIG to bolster its US solar PV and energy storage pipeline.
PV Tech Premium
January 18, 2022
Solar project developer Eco Energy World is aiming to “aggressively” grow its US PV pipeline after formally entering the market last week and intends to replicate the cheaper engineering, procurement and construction (EPC) costs it sees in Europe in the country. PV Tech Premium speaks to CEO Svante Kumlin to find out more.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal