OneRoof Energy Inc., a San Diego provider of residential solar services, said New Resource Bank will provide it with about $2 million in debt financing to lower its cost of funds on a pool of existing solar projects.
The new lending agreement between the companies marks an extension of the bank’s lending portfolio from commercial to residential solar, the companies said.
David Field, OneRoof’s chief executive officer, said the financing will help reduce its borrowing costs, and that will help offer affordable solar solutions to its customers.
While the bank has made loans on commercial solar projects in the past, the agreement with OneRoof was its first residential transaction, said Rob Holden, senior vice president of New Resource Bank.
In August, OneRoof announced that it has reached an agreement with an unrelated third party securing equity for a $58 million residential solar financing fund.
Earlier this month the OneRoof 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.