SAN DIEGO, Nov. 24, 2015 /PRNewswire/ -- OneRoof Energy, Inc. ("OneRoof" or the "Company"), a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. ("OneRoof Energy") (TSXV:ON) today 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 Company with a US$20 million loan facility (the "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 the Company under the Facility from time to time subject to the Company's satisfaction of certain borrowing base and other funding conditions. Amounts under the Facility remaining undrawn will be subject to a non-use fee of 0.50% per annum of the committed, but undrawn portion of the Facility. 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.
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfilment platform, OneRoof is partnering with traditional residential solar originators, energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, OneRoof serves residential customers in nine states including Arizona, California, Hawaii, Massachusetts, New Jersey, Connecticut, Pennsylvania, Maryland and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
About GoldenSet Capital Partners LLC
GoldenSet Capital Partners focuses on investments in the energy and environmental infrastructure sectors and is based in Stamford, CT. It acts as the sub-advisor to North Sky Capital's Alliance Fund II, LP and Cleantech Alliance Fund I, LP. GoldenSet provides project finance equity and structured capital to projects and companies in the United States and Canada. For more information, visit http://www.goldensetcapital.com/.
About North Sky Capital LLC
North Sky Capital is an independent registered investment adviser that was established in 2000 and based in Minneapolis, MN. For more information, visit www.northskycapital.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that express management's expectations or estimates regarding the Company's future performance, are "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
Executive Vice President & CFO
OneRoof Energy Group, Inc.
Vice President, Investor Relations & Compliance
OneRoof Energy Group, Inc.
SOURCE OneRoof Energy, Inc.