OneRoof Energy Inc., a residential solar services provider and wholly owned subsidiary of One Roof Energy Group Inc., announced today that it has reached an agreement with an unrelated third party securing equity for a $58 million residential solar financing fund.
OneRoof plans to use the funding to support an estimated portfolio of more than 2,000 residential solar power purchase agreements to be originated over the next 12 months, according to the company.
“We are committed to expanding solar solutions to more homeowners,” said Dale Vander Woude, executive vice president of capital markets for OneRoof. “This new financing partnership enables us to provide a significantly more efficient sales and installation process by simplifying the financing and equipment requirements.”
OneRoof 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.
One Roof Energy (TSXV: ON) anticipates that the fund will be fully deployed within 12 months.