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Bingham

Bingham

OneRoof Energy Team Closes $50 Million Solar Portfolio Financing

Sept. 26, 2011 — Bingham, led by corporate partner Andy Ray and tax partner Don Abrams, closed the inaugural $50 million portfolio financing of client OneRoof Energy, which is backed by some of the leading global players in the solar, clean-tech and roofing industries. The complex financing structure included strategic equity, private equity, tax equity and venture capital tranches. The parties included Saint Gobain of France, the world’s largest roofing supplier, operating through its U.S. subsidiary, CertainTeed, which will provide the primary channel to market for OneRoof; Hanwha International, one of Korea’s largest conglomerates, which controls a major global solar panel manufacturer, as strategic equity investor in OneRoof; and USBancorp, a leading provider of tax equity to energy projects, and Black Coral Capital, a private equity firm, as investors in the project portfolio. Bingham client Quercus Trust (which is controlled by David Gelbaum and has been one of the United States’ largest equity investors in recent years in clean-tech venture companies) served as the original equity capital in OneRoof Energy. The funding is for a residential program that would allow homeowners to lease rooftop solar panels for less than they would pay their utility suppliers for an equivalent quantity of power. Bingham’s team also included associate Brett Martino. The firm is now representing OneRoof Energy in raising capital for its second portfolio. News of this deal was reported by AOL Energy.
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