San Diego-based residential solar finance provider OneRoof Energy Inc. received an additional $30 million in capital investment from majority shareholder Hanwha International LLC, a South Korean business conglomerate.
Hanwha Group was one of OneRoof Energy’s first Series A investors in 2011. The funding will support the company’s business development, allowing it to expand into new markets, develop new proprietary technologies and strengthen dealer support.
The company said the recent investment follows the success of OneRoof Energy’s SolarSelect Finance program, which gives homeowners flexible financing options that remove the significant upfront capital investment required to buy solar electric systems.
According to the California Solar Initiative, a government program that promotes the adoption of solar powered homes, more than 70 percent of all California solar installations last year were the direct result of third-party financing.
“OneRoof Energy’s leadership in the solar financing space led to tremendous growth over the past year,” explained Simon Lee, CEO of Hanwha in a statement. “Hanwha’s benchmark investment in 2011, combined with additional investments since that time, demonstrates our full confidence in the significant growth potential of OneRoof Energy’s business model.”
—SDBJ Staff Report