$50 MIL TO ROOFTOP SOLAR LEASING
OneRoof Energy Secures $50 Million in Financing, Introduces New Leasing Model for Solar Roof Installations; Hanwha International, U.S. Bank and Black Coral Capital lead financing to launch its SolarSelect® Lease product
28 September 2011 (World of Photovoltaics)
"OneRoof Energy, the nation’s first residential solar company that works directly with roofers to lease and install residential solar power systems, has secured $50 million in financing…OneRoof Energy develops and maintains rooftop solar energy systems for homeowners. The company works with builders and roofing contractors to combine roofing and solar installation into one seamless process…
"Homeowners can install solar easily and affordably because there are no upfront costs or ongoing maintenance expenses…through OneRoof Energy’s SolarSelect Lease. Customers simply make a monthly lease payment for the system, which when combined with their new, lower electric bill, is typically lower than their existing bill without solar. Once complete, a simple warranty covers both the roof and solar installation."
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"Series A financing was led by Hanwha International, part of the Hanwha Group…one of the largest corporate conglomerates in Korea…[and holder of] a controlling interest in Hanwha SolarOne, a leading global solar manufacturing company…
"OneRoof Energy has also closed its first fund to finance residential solar projects in partnership with Black Coral Capital, a leading cleantech investment firm, and with a subsidiary of U.S. Bancorp (NYSE:USB). The fund provides capital for the company’s lease financing program…"