OneRoof Energy, a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, has entered into a mutual settlement agreement with Trinity Heating & Air, settling all claims between the parties. As previously disclosed on November 11, 2016, Trinity filed an arbitration action against OneRoof alleging various claims for breach of contract and common law fraud and seeking over $12.5 million in damages.
In response, OneRoof filed various counterclaims against Trinity. The terms of the settlement included (a) a payment of $1,070,000 to Trinity, $1 million of which was being held by a third party in respect of projects previously developed by Trinity and sold by OneRoof to the third party, and (b) OneRoof’s transfer of certain solar projects and leads to Trinity.
The company also announced that its president and CEO, David Field, has resigned from all positions with the company and its subsidiaries, including the board of directors of the company. Dalton W. Sprinkle, formerly SVP, general counsel and secretary of the company, has been appointed interim CEO, and will continue as general counsel and secretary of OneRoof Energy as it continues its wind down process.
OneRoof Energy announced on March 8 that the company was beginning to sell its portfolios of approximately 747 residential solar systems and related leases and PPAs. This was after a January 2017 announcement that the company was in default for failure to pay rent on its head office lease.