OneRoof Energy, a US-based solar finance provider, has announced it has secured US$100 million in new financing following the signing of an agreement with MS Solar Holdings, a 100%-owned subsidiary of Morgan Stanley and Main Street Power Company.
Under the agreement, OneRoof Energy will be able to acquire up to US$100 million in residential solar projects and expand its existing MySolarSM residential lease financing platform.
The MySolarSM finance platform enables OneRoof Energy to offer solar lease financing to American homeowners in Arizona, California, Colorado and Hawaii through its network of qualified solar dealers and installers. It provides homeowners with flexible financing options which remove the upfront costs to buy PV systems. With solar lease financing, homeowners can put down a small or no deposit for the system.
According to data provided by the California Solar Initiative (CSI), more than 70% of all Californian solar installations are expected to be financed via a third party investment like MySolarSM in 2013.
Including this US$100 million of new financing, OneRoof Energy has raised and secured commitments for more than US$200 million in corporate capital, project financing and tax equity funding since it closed its first tax equity fund in September 2011.
“We are committed to expanding solar solutions across the country and this program will reach a vast number of homeowners that wouldn’t otherwise be able to afford renewable energy,” Martin Mobley, Executive Director, Morgan Stanley said. “Our partnership with accomplished solar providers such as Main Street Power and OneRoof Energy provides unique collaborative opportunities and helps ensure a successful program deployment.”