US rooftop solar installer OneRoof Energy has entered into agreements with Black Coral and affiliates of Korea-based Hanwha Group to provide an additional US$16.7 million in financing.
The company said the package included a US$6.5 million credit line for working capital and a US$6.9 million project credit line.
This will be used to fund OneRoof’s objectives under a US$58 million residential solar fund launched in August to provide third-party finance for up to 2,000 residential PV systems in California, New York, Hawaii and Massachusetts.
The final element of the deals OneRoof has reached is a loan agreement with Hanwha International for the financing of solar project construction. The loan, which will mature on 30 April next year, is expected to support the construction of up to 175 PV projects.
“This new round of financing from Black Coral Capital and Hanwha Group affiliates supports our recently announced strategy to partner with leading home service providers, such as Elevate, and to lower OneRoof Energy's customer acquisition costs,” said David Field, president and chief executive officer of OneRoof Energy Group.
“We believe our current approach positions us well for continued top line sales growth, which, when combined with healthy margin contributions from our new residential solar fund, helps us maintain our upward trajectory toward cash flow breakeven.”