OneRoof Energy agrees to $3 million loan transaction

OneRoof EnergyOneRoof Energy, a residential solar services provider, has agreed to financing in the total principal amount of $3 million with OneRoof Energy Group. OneRoof Energy is a wholly owned subsidiary of the Group.  The $3 million consists of secured non-convertible notes issued to Black Coral Capital, a current investor in OneRoof Energy, in the principal amount of $1 million, and Spindrift Equities LLC, also an existing investor in OneRoof Energy, in the principal amount of $2 million.

The notes are secured by the assets of the company that are not otherwise pledged under project financings, or available assets. The available assets are already pledged as security under the company’s senior credit agreement with North Sky Alliance Fund and NewWorld Environmental Infrastructure L.P., as well as the company’s subordinated convertible notes.

The notes are subject to substantially the same terms and conditions as the Company’s outstanding subordinated convertible notes, with the following differences: (1) the notes are not convertible into equity; (2) the notes bear an interest rate of 16% per annum compounded monthly; and (3) any voluntary prepayment of any installment of the notes require the payment of a penalty equal to one-ninth (1/9) of the principal amount of the installment of the loan, but no prepayment is required by the notes or permitted by the senior credit agreement. Amounts outstanding at maturity will be repaid in cash generated from operations or through refinancing, depending on the terms available at the end of the term of the notes.


OneRoof Energy 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 fulfillment 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.

Currently, OneRoof serves residential customers in eight states including Arizona, California, Hawaii, Massachusetts, New Jersey, Maryland, Connecticut and New York with plans for additional expansion.

Visit the company’s website for more information.

Have you checked out our YouTube page?

We have a ton video interviews and additional content on our YouTube page. Recently we debuted Power Forward! -- a collaboration with BayWa r.e. to discuss higher level industry topics as well as best practices / trends for running a solar business today.

Our longer running side project is The Pitch -- in which we have awkward discussions with solar manufacturers and suppliers about their new technology and ideas so that you don't have to. We've discusses everything from residential rail-less deck attaching and home solar financing to large-scale energy storage value stacking and utility-driven new home solar + storage microgrids.

We also post our Project of the Year announcements there! Interviews with this year's winners will be up starting the week of Nov. 8. Head there and subscribe today to stay on top of all this extra stuff.

Tags: ,

Comments are closed here.