OneRoof Energy Secures $50 million in Financing, Introduces New Leasing Model for Solar Roof Installations
Hanwha International, U.S. Bank and Black Coral Capital lead financing to launch its SolarSelect® Lease product
SAN DIEGO – Sept. 26, 2011 – OneRoof Energy, the nation's first residential solar company that works directly with roofers to lease and install residential solar power systems, has secured $50 million in financing and has also officially launched its residential solar leasing program. Homeowners can now integrate solar into their new roof at no upfront cost through a simple lease program.
OneRoof Energy develops and maintains rooftop solar energy systems for homeowners. The company works with builders and roofing contractors to combine roofing and solar installation into one seamless process. Homeowners can install solar easily and affordably because there are no upfront costs or ongoing maintenance expenses.
Homeowners installing a new roof can lower their electricity bills and add solar at no additional cost through OneRoof Energy's SolarSelect Lease. Customers simply make a monthly lease payment for the system, which when combined with their new, lower electric bill, is typically lower than their existing bill without solar. Once complete, a simple warranty covers both the roof and solar installation.
Series A financing was led by Hanwha International, part of the Hanwha Group which represents one of the largest corporate conglomerates in Korea, which will receive a significant, non-controlling stake in the company. The Group holds a controlling interest in Hanwha SolarOne, a leading global solar manufacturing company. The equity investment by Hanwha enables OneRoof Energy to roll out its rapid growth plan to develop the residential solar leasing market, specifically targeting roofing companies and large homebuilders.
The Hanwha Group has a strong interest in climate change and supports the expansion of renewable energy adaptation, especially solar technology. "OneRoof Energy represents a great opportunity for us," said Simon Lee, CEO of Hanwha International. "With OneRoof Energy's deep channel access and ease of scalability, we look forward to increasing solar affordability and accessibility to homeowners across the U.S. market."
OneRoof Energy has also closed its first fund to finance residential solar projects in partnership with Black Coral Capital, a leading cleantech investment firm, and with a subsidiary of U.S. Bancorp (NYSE:USB). The fund provides capital for the company's lease financing program, which enables homeowners to have solar roofs installed with no incremental costs.
U.S. Bancorp has committed more than $554 million of renewable energy tax equity to finance more than $1 billion of renewable energy projects in the United States, primarily in the solar market and in select opportunities in the wind energy market. Black Coral Capital's backing of OneRoof Energy stems from its focus on backing innovative companies with strong customer value propositions and high-quality management teams within the cleantech arena.
"We believe that the most efficient and cost-effective way to install a solar system is at the time a roof is built or rebuilt, and our first-round investment partners agree," said OneRoof Energy President and CEO David Field. "Customers can now enjoy all the benefits of going solar without the upfront costs and on-going maintenance expense. Our product and model will significantly increase the number of homeowners installing solar power systems."
For more information about OneRoof Energy, and to learn more about its simple, affordable solar and energy management systems, please visit www.oneroofenergy.com. The Company was advised during this financing by Ardour Capital, and is being advised for subsequent residential solar funds by Citigroup Global Markets, Inc. (NYSE:C), Dale A. Vander Woude, firstname.lastname@example.org.
About OneRoof Energy
The OneRoof Energy mission is to provide simple, affordable solar and energy management solutions that people can trust. OneRoof Energy offers homeowners an integrated, aesthetically pleasing solar solution coupled with the peace of mind that comes with one single roofing warranty. Roofers and builders can offer solar energy generation systems to the residential market for as little as zero down through the OneRoof Energy SolarSelect® Lease. For more information, visit www.oneroofenergy.com. Founder investors in OneRoof Energy's included; The Quercus Trust, Yellowtree Energy, and Spring Ventures.
About U.S. Bancorp
With $321 billion in assets as of June 30, 2011, U.S. Bancorp is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices and 5,086 ATMs in 25 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way.
U.S. Bancorp is a recognized leader in financing a variety of renewable energy projects, building on its experience in other tax credit equity investments, including affordable housing, new markets, and historic tax credit investments. Visit U.S. Bancorp on the web at www.usbank.com.
About Hanwha International
Hanwha International is part of the Hanwha Group. Founded in 1952, Hanwha Group is a leading Korean business group with 56 domestic affiliates and 69 global networks in three major sectors of manufacturing/construction, finance, and service/leisure. In 2010, Hanwha Group held assets of approximately $83 billion and total revenue of more than $26.5 billion. Putting strategic emphasis on renewable energies, Hanwha Group has recently made successful advancements in solar energy. For more information, visit www.hanwha.com.
About Black Coral Capital
Black Coral Capital is a firm investing in the alternative energy/cleantech space. Both directly and through funds, it invests across a wide variety of cleantech arenas and stages including early-stage venture capital, growth equity and project finance. In addition, Black Coral is a founding member of the Cleantech Syndicate, a consortium of families that invest in and support cleantech companies. Black Coral was formed in 2008 with offices in New York, Boston, and Montreal. For more information, visit the Black Coral Capital website.