OneRoof Energy has been steadily expanding its residential solar business across the U.S. and today announced deals to sell a significant amount of solar project assets to continue along its Solar 2.0 national growth strategy. It comes at a good time for residential solar in the U.S. as the market is booming, amid a growing trend to compliment distributed solar systems with energy storage units.
OneRoof Energy has signed the deal for 19.8 MW of its solar projects assets with two separate third parties, which should generate $61 million. Some $19 million of this has already been received by the company, with a further $42 million to be delivered upon completion of projects still in construction.
"The Company’s model is to both own residential solar assets, as well as sell assets to third party investors, depending upon market and other conditions at the time, said David Field, President and CEO of OneRoof Energy. This sale is consistent with our current plan to utilize capital to support strategic growth under our Solar 2.0 model. As previously announced, the Company is accelerating its efforts to partner with energy retailers and other home consumer service providers to complement their existing product lines with turnkey solar solutions."
In June, the company secured a $50 million construction loan facility, with Black Coral Capital, for similar purposes, as it looks to finance construction of new solar projects for its Solar 2.0 national growth strategy. The company has been successfully expanding across the U.S. over the last few years, now serving customers in nine states across the country.