OneRoof Energy Reduces Workforce

OneRoof Energy a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. has announced that it has significantly reduced its work force as it begins to wind down its active operations. The company has thus far been unable to secure the significant additional financing necessary to continue its ordinary course sales, marketing and development operations and is thus considering various measures to preserve cash in an effort to maximize the value of its assets.

Early this year in July OneRoof Energy announced that it has entered into definitive agreements with two different third parties to sell 19.8 MW of its solar project assets.

The Transactions are expected to generate gross proceeds up to $61 million, with $19 million funded as of the date of this announcement, and $42 million expected to be funded in tranches through September of 2016 as projects currently in development progress through the final stages of construction.

The Company will use the net proceeds to repay outstanding amounts under the Company’s current construction loan facility, to reduce the borrowing base of the Company’s senior loans and to pay outstanding development and installation costs incurred related to the projects under development.