OneRoof Energy Group Inc., a San Diego solar services business, said it entered financing agreements from Black Coral Capital LLC and affiliates of the Hanwha Group that provide about $16.7 million in new capital.
OneRoof President and CEO David Field said the new round of financing supports the company’s announced strategy to partner with home services providers such as Elevate and to lower the company’s customer acquisition costs.
The financing package includes a $6.5 million working capital line of credit, $4.4 million of which has already been funded; a project line of credit for up to $6.9 million; and a loan agreement with Hanwha International LLC for the financing of the construction of solar projects.
The last loan covers financing of about 175 solar projects, and carries a 7 percent annual interest rate.
OneRoof serves residential customers in five states: Arizona, California, Hawaii, Massachusetts and New York.