Tuesday, November 25, 2014

OneRoof Energy Backer Pulls Funding

San Diego-based OneRoof Energy reported Monday that one of the backers of the company, Hanwha Holdings (USA) Inc., said it will not provide additional debt funding to the company. Reason for the pullback was not announced. OneRoof said that Hanwha Holdings will not provide its additional portion of a $16.7M working capital line of credit, which had been announced October 3rd. However, the company said one of its other backers--Black Coral Capital--remains committed to the working capital line, and will also provide OneRoof Energy with $15M in capital via a secured, convertible promissory note. OneRoof energy provides traditional and lease financing, PPAs, solar system design and installation project management for the solar power market.