OneRoof sells controlling stake in solar portfolio for $19.75 million

By Lisa Kerner

Charlotte, N.C., Aug. 10 – OneRoof Energy, Inc. sold a controlling interest in its 12.1 MW residential solar portfolio consisting of 1,611 residential solar systems to Greenbacker Residential Solar LLC for $19.75 million, according to a news release.

The majority of the proceeds, in addition to amounts previously on deposit, were used to retire all principal, accrued interest and early prepayment fees on OneRoof’s outstanding senior credit facilities arranged by Goldenset Capital Partners, LLC and for general working capital purposes.

“This financial restructuring will provide the company significant flexibility in its ability to source capital going forward,” said David Field, president and chief executive officer of OneRoof.

OneRoof will retain a residual interest in the portfolio and continue to perform general operation and maintenance functions.

MVP Capital acted as the exclusive financial advisor to OneRoof Energy.

Greenbacker is a publicly registered, non-traded limited liability company that has acquired a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments. The company is based in New York City.

OneRoof Energy is a residential solar services provider based in San Diego.

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