Wednesday, January 23, 2013

OneRoof Energy Lands $30M From South Korean Investor

San Diego-based OneRoof Energy, an operator of residential solar finance programs, said Wednesday that it has raised an additional $30M in a funding round. The round came from current investor Hanwha Group, which is based in South Korea. According to OneRoof, the new funding will go towards business development, including to expand into new markets, develop new proprietary technologies and strengthen dealer support. OneRoof said it expects to supply solar power to more than 10,000 homes in 2013. OneRoof Energy is a provider of power purchase agreement (PPA) financing for solar power, where investors foot the upfront capital for installing solar power systems, with homeowners then agreeing to pay a set rate--usually lower than their current utility bill--for power generated from those solar panels installed on their roof. More information »