Solar finance provider OneRoof Energy has secured an additional US$30 million capital investment which will help it realise its goal of becoming one of America's premier solar finance companies.
The investment is understood to have came from Korea-based Hanwha Group, a US$88 billion Fortune Global 500 company which was among the first investors of OneRoof Energy’s Series A funding in 2011.
In a statement released this week, Hanwha Group said the US$30 million capital investment will support the company’s business development by enabling it to expand into new markets. It also plans to use the extra funding to develop new proprietary technologies and strengthen dealer support.
The statement said: “This recent investment recognizes the success of OneRoof Energy’s SolarSelect Finance program, which provides homeowners with flexible financing options that remove the significant upfront capital investment required to purchase solar electric systems.”
Simon Lee, CEO at Hanwha International, said: “OneRoof Energy's leadership in the solar financing space led to tremendous growth over the past year.
“Hanwha's benchmark investment in 2011, combined with additional investments since that time, demonstrates our full confidence in the significant growth potential of OneRoof Energy’s business model. OneRoof Energy is on course to become one of the nation's premier solar finance companies.”
David Field, CEO and president at OneRoof Energy, added: “Hanwha is a global business leader with demonstrated expertise in the solar space; its investment further validates and supports the direction of our company.”
Field added that since the closing of the company’s first fund in September 2011, OneRoof Energy has signed solar agreements totalling over $100 million.
He said: “This year we are projecting sales of more than $300 million of solar electric financing. I strongly believe that OneRoof Energy is currently one of the fastest-growing companies in the region and Hanwha’s investment will provide us with the necessary working capital to quickly become one of the strongest solar finance companies in the industry.”