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Solar Integrated Roofing gets USD 2.7m in financing

Residential solar system. Author: mjmonty. License: Creative Commons, Attribution 2.0 Generic.

January 3 (Renewables Now) - Solar Integrated Roofing Corporation (OTCMKTS:SIRC) on Friday said it has managed to obtain USD 2.7 million (EUR 2.45m) in funding using a non-dilutive structure to close its recent acquisitions in San Diego.

The funds were used to close the purchase of McKay Roofing, a firm with annual revenues of USD 5 million (EUR 4.5m), which SIRC acquired in September.

A portion of the funding also goes to the acquisition of Milholland Solar Electric and Roofing, which expects revenues of about USD 10 million for 2019. SIRC announced Milholland's purchase last month.

"With these companies under the SIRC umbrella, we feel confident that we can generate more than USD 30 million in revenues for fiscal 2021 with 12%-15% EBTDA margins," CEO David Massey said.

(USD 1.0 = EUR 0.909)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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