Grenville Strategic Royalty Announces Investment in Solar Brokers
TORONTO, Ontario, January 2, 2018 – Grenville Strategic Royalty Corp. (TSXV: GRC) (“Grenville”) today announced that it has signed an agreement to provide growth capital to Solar Brokers Canada Corp. (“Solar Brokers”) and its affiliate Green Lion Eco Group Corp. (“Green Lion”).
Solar Brokers, based in Toronto, Ontario, is one of Canada’s largest solar sales organizations. Solar Brokers has brokered the sale of over 30 megawatts of solar to homeowners in Ontario since 2012, selling through online and premium retail channel partners. Solar Brokers is redefining how Canadian consumers adopt residential solar. Green Lion is a project management and quality assurance firm that ensures that every Solar Brokers project is built to industry-leading standards.
Grenville CEO Steve Parry commented: “Our team has a profitable track record of investing in consumer-facing energy sales companies, with over USD $100M of exit value yielded from investments made prior to the inception of Grenville. We can identify the winning teams and business models. Grenville is thrilled to have the opportunity to fuel Solar Brokers’ continued expansion with our capital and relationships.”
Solar Brokers CEO J.C. Awwad commented: “Grenville’s unique investment model is a good alternative to equity investment, and is very attractive to fast-growth entrepreneurial companies like ours. This initial investment capital will be used for more rapid expansion across Canada in the first quarter of 2018. We look forward to a mutually beneficial partnership.”
Grenville’s initial investment into Solar Brokers, in the amount of CAD $1,075,000, is through an expandable capital facility. Similar to Grenville’s other royalty agreements, the financial terms include an indefinite term, monthly payments, and a buyout provision.
About Solar Brokers
Solar Brokers is one of the largest solar providers in Canada and the first residential solar brokerage in the country. Since its founding in 2012, the company has experienced revenue growth of over 8900%. To date the company has brokered over 30 megawatts of residential solar in Ontario. Based in Toronto, Solar Brokers and its affiliate companies oversee a staff of over 100 industry-leading professionals. Through its proprietary tools, including state-of-the art project and customer relationship management software, and lead-generating interactive kiosks, Solar Brokers is redefining how consumers adopt residential solar.
Based in Toronto, Grenville Strategic Royalty Corp. is a publicly-traded royalty company that makes investments in established businesses with revenues of up to $50 million dollars. Grenville generates revenues from royalty payments and buyouts from contracts. The non-dilutive royalty financing structure offered by Grenville competes directly with traditional equity to meet the long-term financing needs of companies on more attractive commercial terms.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Grenville Strategic Royalty Corp.:
Chief Executive Officer
Tel: (416) 777-0383