OneRoof Energy selling residential solar assets to raise cash

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The proceeds from the Greenbacker sale will be used to repay a loan from New Resource Bank and outstanding project-related expenses. Source: OneRoof Energy

San Diego, California-based residential solar company OneRoof Energy has entered into an agreement to sell its residential solar assets to Greenbacker Residential Solar for US$8 million in cash.

The sale consists of the company’s residential portfolio containing 747 residential solar systems and related leases and PPAs.

The process of winding down its solar operations began back in July 2016 when the company sold 19.8MW of its US residential assets for approximately US$61 million with intentions to use the proceeds to repay outstanding amounts under its construction loan facility and outstanding development and installation costs incurred.

However, in August, Greenbacker acquired a controlling interest in a 12.1MW solar portfolio which included 1,611 rooftop solar systems in California, New Jersey, Massachusetts, Maryland, New York, Hawaii and Connecticut for US$19.75 million. The close of the transaction is expected to occur in several tranches subject to approval from the shareholders of the company.

Regardless, OneRoof faced a looming default deadline from its head office lease for liability for unpaid rent in excess of US$160,000 amid plans to wind down operations.

This latest Greenbacker sale was entered into as part of the wind down process, which is ongoing. Around US$1.8 million of the proceeds of the sale will be used to repay principal and accrued interest on a loan from New Resource Bank which is secured by one of the portfolios.

OneRoof anticipates that the rest of the proceeds will be used to pay outstanding project-related expenses included those aforementioned.

However, the company expects that the sale will not enable it to pay claims of creditors in full, so there will not be any proceeds for recovery by shareholders. 

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.
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.
January 16, 2022
The US Government has appealed against the reinstatement of an exemption from Section 201 tariffs for bifacial modules.
January 14, 2022
The US Department of Energy (DOE) has launched a “Building a Better Grid” initiative to catalyse the development of “new and upgraded high-capacity electric transmission lines” across the US under President Joe Biden’s US$1 trillion Bipartisan Infrastructure Law.
January 13, 2022
Lightsource bp has closed on a US$533 million financing package for the development of 480MW of solar PV across the US as the company continues to expand its operations in the country.
January 12, 2022
Global Infrastructure Partners (GIP) alongside co-investors has closed on a US$500 million investment in independent power producer (IPP) BrightNight LLC to fund the company’s development efforts as well as the construction and operations of its projects.

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