OneRoof Energy, Inc., a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. (TSXV:ON) announced today that it has reached an agreement with an unrelated third-party securing equity for a $58 million residential solar financing fund that will support an estimated portfolio of more than 2,000 residential solar power purchase agreements to be originated over the next 12 months initially in California, Hawaii, Massachusetts and New York. The partnership expects to recognize investment tax credits under the American Recovery and Reinvestment Act of 2009.
“We are committed to expanding solar solutions to more homeowners,” commented Dale A. Vander Woude, Executive Vice President – Capital Markets for OneRoof Energy. “This new financing partnership enables us to provide a significantly more efficient sales and installation process by simplifying the financing and equipment requirements.”
The new fund brings together parties with a common belief in distributed generation in a financial structure that takes advantage of the strengths of the relevant parties. 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 of the many benefits of this new residential solar fund is attracting additional sales channel partners by providing new sources of capital and increasing their sales capacity,” added Vander Woude.
OneRoof Energy anticipates that the fund will be fully deployed within 12 months, and looks forward to developing a long-term, multi-investment relationship with its new partner.
About OneRoof Energy
OneRoof Energy Group, Inc. (TSXV: ON), operating through its US subsidiary, OneRoof Energy, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfilment platform, OneRoof Energy is partnering with traditional energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, the company serves residential customers in five states including Arizona, California, Hawaii, Massachusettsand New York with plans for additional expansion