OneRoof Energy agrees to $3 million loan transaction

OneRoof 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.

— Solar Builder magazine

[source: http://solarbuildermag.com/news/oneroof-energy-agrees-to-3-million-loan-transaction/]