Update: this press release updates information originally set forth in a press release dated November 4, 2016
SAN DIEGO, Nov. 7, 2016 /CNW/ -- OneRoof Energy, Inc. ("OneRoof"), a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. (TSXV:ON) announced today that it has closed solar financing funds with unrelated third-party investors that will finance over $17 million of residential solar projects to be originated with homeowners located in California, Connecticut, Massachusetts, Maryland, New Jersey and New York. The third party investors will provide the tax equity portion of these funds and OneRoof will provide the sponsor equity. These transactions are expected to serve as templates for additional funds with these investors, the documentation of which should be substantially streamlined for follow on transactions.
"The company is very excited to have closed these latest rounds of project financing, and looks forward to working on future transactions with both of these partners," commented David Field, president and CEO of OneRoof. "These new funds enable us to continue to expand our installation base and provide more affordable clean power to customers across the country."
OneRoof has up to eighteen (18) months to fully utilize these funds. OneRoof will sell residential solar projects to the funds at prices ranging from $3.56/watt up to $4.74/watt, depending on the utility district. As is typical in financings of this nature, the partner receives most of the tax attributes of the fund plus up to 23% of the cash flow for up to six (6) years, at which time partnership allocations change and OneRoof receives 95% of the cash flow for the remaining life of the underlying solar projects. OneRoof will serve as the managing member of the funds and will operate and maintain the solar projects and provide administrative services to the funds for an initial term of ten (10) years, which will automatically extend for an additional five (5) year period unless notice not to extend is provided. OneRoof will also remain the primary point of contact with the applicable homeowners and provide ongoing customer service and support for such matters as home transfers, service interruption remediation and prepayment and early buyouts.
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.
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.
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President and Chief Executive Officer
OneRoof Energy Group, Inc.
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SOURCE OneRoof Energy, Inc.