Financing innovations are opening solar developers to the broader investor market
SAN DIEGO, May 21, 2015 /CNW/ — OneRoof Energy, Inc. (“OneRoof” or the “Company”), a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. (“OneRoof Energy”) (TSXV: ON) today announced that it signed a loan agreement with North Sky Alliance Fund and NewWorld Environmental Infrastructure L.P. The loan agreement was arranged by GoldenSet Capital Partners, which acts as manager of NewWorld Environmental Infrastructure L.P. and advisor to North Sky Alliance Fund, and will provide the Company with a US$12.5 million loan facility (the “Facility”).
“We have forged a long-term relationship with GoldenSet, one which will grow over time,” said David Field, president and chief executive officer of OneRoof Energy. “Initial funding is set for this month and will support OneRoof’s continued nationwide expansion.”
Principal and interest on the Facility will mature in three years and interest will accrue at a fixed rate of 15 percent per annum, compounded monthly, from the date of the closing of the Facility. The Facility is secured by the assets of OneRoof Energy and the Company that are not otherwise pledged under project financings.
“On behalf of our investors, the North Sky Alliance Fund and NewWorld
“On behalf of our investors, the North Sky Alliance Fund and NewWorld Environmental Infrastructure L.P., GoldenSet Capital is very excited to support OneRoof Energy and the residential solar sector,” said Everett Smith, managing partner of GoldenSet Capital Partners. “This investment complements our other investments in distributed generation and will meet our goals of creating jobs in the near-term and environmental benefits in the long-term.”
Added Field, “Support from partners like GoldenSet Capital and its investors is a crucial component of OneRoof Energy’s capital markets strategy. This funding facilitates our expansion to the northeast, a region that was especially hit hard by electricity demands this past winter. Transactions like this reflect our market- leading capability of rapidly completing projects. Combined with our strategy of aligning with optimal sales partners, we are cementing broader investor confidence in our platform.”
Products and services provided by OneRoof include solar power systems and
SunOppsTM, a sophisticated software management system. Together, these technologies decrease the cost consumers pay for electricity while giving installers and homeowners a unique portal to manage their solar power systems more efficiently.
The closing of the Facility is subject to all applicable regulatory approvals, including the acceptance of the TSXV. The proceeds from the Facility will be used for general working capital purposes, including general and administrative, IT development and investment in solar projects.
About OneRoof
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., 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 fulfilment 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. With its unique end-to-end energy solution, the Company has created
companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, OneRoof serves residential customers in seven states including Arizona, California, Hawaii, Massachusetts, New Jersey, Connecticut and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
About NewWorld Environmental Infrastructure
Founded in 2012, NewWorld Environmental Infrastructure L.P. was established in collaboration with North Sky Capital to provide funding for clean infrastructure assets. It is managed by GoldenSet Capital Partners, formerly NewWorld Infrastructure Group, and provides project equity for clean infrastructure assets and structured capital to companies engaged in deploying clean infrastructure.
The General Partner of NewWorld Infrastructure L.P. is comprised of principals from GoldenSet Capital Partners and NewWorld Capital Group. NewWorld Capital Group is a New York-based private equity firm that specializes in selected segments of the environmental business sector in the United States and Canada. For more information, visit www.newworldcapital.net.
About North Sky Capital LLC
North Sky Capital is an independent registered investment advisor that was established in 2000 to provide tailored private investment solutions for its investors. To date, North Sky’s tight-knit team has built 14 innovative funds spanning the full spectrum of private equity and energy infrastructure. North Sky Capital manages over $850 million in committed capital and is headquartered in Minneapolis, Minnesota. For more information, visit www.northskycapital.com.
About GoldenSet Capital Partners LLC
GoldenSet Capital Partners focuses on investments in the energy and environmental infrastructure sectors. Acting as Manager of the NewWorld Environmental Infrastructure L.P., GoldenSet provides project finance equity and structured capital to projects and companies in the United States and Canada.
About GoldenSet Capital Partners LLC
GoldenSet Capital Partners focuses on investments in the energy and environmental infrastructure sectors. Acting as Manager of the NewWorld Environmental Infrastructure L.P., GoldenSet provides project finance equity and structured capital to projects and companies in the United States and Canada. Through its investment activities GoldenSet seeks to create jobs in the near-term, environmental benefits in the long-term and attractive risk adjusted returns for its investors. Bottom line with a triple win. For more information, visit www.goldensetcapital.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.
Dan Halvorson
Executive Vice President & CFO OneRoof Energy Group, Inc.
858-926-7660 (Direct)