OneRoof seals $58m solar fund
OneRoof Energy says is has reached agreement with a third-party to secure equity for a $58m residential solar financing fund that will support a portfolio of more than 2,000 upcoming power off-take deals in four US states.
OneRoof anticipates that the partners will fully deploy the fund within 12 months.
"This new financing partnership enables us to provide a significantly more efficient sales and installation process by simplifying the financing and equipment requirements," says Dale A. Vander Woude, executive vice president – capital markets for OneRoof Energy.
The company says it will invest in the partnership, and remain the primary point of contact with the homeowner for the life of the transaction as operations and maintenance provider.
Vander Woude says one benefit of the new fund will be to attract additional sales channel partners by providing new sources of capital and increasing their sales capacity.
States involved are California, Hawaii, Massachusetts and New York.
Among the investors in OneRoof are Morgan Stanley and Black Coral Capital Altenergy, a private investment fund. Hanwha is the company’s “strategic financial partner,” according to OneRoof’s website.