The US-oriented solar energy services provider OneRoof Energy Group has secured $16.7 million in new financing, according to recent reports.
The new capital/credit lines — from a number of different investors, of which Black Coral Capital and affiliates of the Hanwha Group are the largest — will be used primarily for working capital and project construction, as per a recent press release from OneRoof Energy. The press statement also made note of the fact that a portion of the new financing will be used to install around 175 new rooftop systems.
Here’s a breakdown to give you some idea on what exactly is happening with the new financing:
- At least $4.4 million will be used for working capital. That loan is reportedly backed by OneRoof’s solar assets — it matures on December 31st, and possesses an interest rate of 12%.
- At least $6.9 million is destined for the company’s project credit line. That loan, which has an interest rate of 9.25%, matures on December 31, 2015, and will “help fund obligations linked to its $58 million residential solar fund.”
A bit of background on OneRoof Energy Group — the Toronto based company is oriented primarily towards the US, and currently has customers in the states of Arizona, Hawaii, New York, California, and Massachusetts, through its San Diego subsidiary. It only provides solar leases at the moment.
The company utilizes its SolarSelect® financing program to provide a number of different options to its customers — customers potentially across a wide number of different income levels/brackets. Some of the company’s loan options do t require any money down.
Image Credit: OneRoof Energy Group