OneRoof Energy, Inc., a provider of residential solar services today announced that certain affiliates have signed a US$50 million construction loan facility with Black Coral Capital, LLC, a present investor in the company. Additionally, Black Coral has funded US $9.05 million of working capital to the firm as secured non-convertible notes.
David Field, president and CEO of OneRoof, said the funds borrowed under the facility will be used to finance construction of new solar projects for the company’s Solar 2.0 national growth strategy, where OneRoof secures distribution and fulfillment partnerships with major consumer services providers with strong existing homeowner relationships.
“This new round of financing from Black Coral will support our Solar 2.0 strategy to partner with leading energy retail providers, home services providers and other sales partners that are already selling a key product or service to homeowners, thereby reducing our customer acquisition costs across the board,” Field said. “We are pleased to be working with Black Coral, which continues to be immensely important to the company’s growth and helping bring the benefits of environmentally sensitive renewable energy to new markets throughout the U.S.”
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a solar services provider dedicated to its “Solar 2.0” approach: an innovative model that enables consumer services companies in various verticals to sell residential solar while confidently relying on their solar partner for implementation. OneRoof uses its proven technology platform, big data and proprietary systems to help its partners reach out to their customers who can benefit from solar while building a channel into the home for 20 years. OneRoof provides its partners with customized, turn-key solutions, offering homeowners a suite of financing options, including traditional loan, lease and PPA financing together with system design, installation management and ongoing system monitoring and maintenance. OneRoof is based in San Diego, California, and serves residential customers in nine states: Arizona, California, Connecticut, Hawaii, Maryland, Massachusetts, New Jersey, New York and Pennsylvania with plans for additional expansion. For more information, visit www.oneroofenergy.com.