OneRoof Energy Group Inc., a San Diego solar power finance provider, said it closed on $1 million of additional loan funding under an existing loan arrangement. The loan was made by Hanwha Holdings Inc., an existing shareholder of the company.
The proceeds, net of the $20,000 expense, will be used to fund the company’s continued operations, OneRoof said.
The company partners with solar panel installers allowing homeowners to put the panels on roofs without paying for them. The panels are owned by the firm and leased back to the owner.
The company now serves customers in Arizona, California, Hawaii, Massachusetts and New York.
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