"This transaction is consistent with our current plan to utilize capital to support strategic growth under our Solar 2.0 model, which is focused on being a low-cost, capital-light, residential solar fulfillment platform, focused on partnering with scalable and low-cost sales partners," stated David Field, president and CEO of OneRoof. "We are pleased to be working with Greenbacker and to be supporting their already robust wind and solar portfolios."
Substantially all of the net Transaction proceeds, plus amounts previously on deposit, were used to retire all principal, accrued interest and early prepayment fees on its outstanding senior credit facilities arranged by Goldenset Capital Partners, LLC (the "Senior Loans"). The remaining Transaction proceeds were earmarked for general working capital purposes.
"The company is very excited to pay down its Senior Loans and terminate all related security interests. This financial restructuring will provide the company significant flexibility in its ability to source capital going forward," stated David Field, president and CEO of OneRoof.
"Adding a large residential rooftop solar portfolio in partnership with OneRoof Energy Inc., who maintains an ongoing minority stake in the portfolio, adds significant diversification to Greenbacker's current portfolio of solar and wind assets," stated Charles Wheeler, CEO of Greenbacker. "This segment of the market has become increasingly sophisticated and opportunities for securitization of these portfolios provide significant upside potential. As we continue to grow our portfolio of alternative energy assets, which now totals in excess of $100 million, we seek projects that will continue to broaden our revenue stream, providing more predictable returns for our investors."
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a solar services provider dedicated to its "Solar 2.0" approach: an innovative model that enables consumer services companies in various verticals to sell residential solar while confidently relying on their solar partner for implementation. OneRoof uses its proven technology platform, big data and proprietary systems to help its partners reach out to their customers who can benefit from solar while building a channel into the home for 20 years. OneRoof provides its partners with customized, turn-key solutions, offering homeowners a suite of financing options, including traditional loan, lease and PPA financing together with system design, installation management and ongoing system monitoring and maintenance. OneRoof is based in San Diego, California, and serves residential customers in nine states: Arizona, California, Connecticut, Hawaii, Maryland, Massachusetts, New Jersey, New York and Pennsylvania with plans for additional expansion. For more information, visit www.oneroofenergy.com.
About Greenbacker Renewable Energy Company LLC
Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded Limited Liability Company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
About MVP Capital
MVP Capital provides strategic and financial advisory services, including advising on mergers & acquisitions and equity and debt capital raises, to companies in the Renewable Energy, Telecom, Media and Technology industries. Additional information is available at www.mvpcapital.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.
Investor Relations Contact:
President and Chief Executive Officer
OneRoof Energy Group, Inc.
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SOURCE OneRoof Energy, Inc.