OneRoof Energy Raises $58M Residential Solar Fund

San Diego-based OneRoof Energy, the provider of solar power installation and lease financing services, said Wednesday that it has raised $58M in a residential solar financing fund, which it says will go towards installing more than 2,000 residential solar power purchase agreements (PPAs). Name of the source of the funds was not announced. According to OneRoof Energy, the fund will go towards installing solar power in California, Hawaii, Massachusetts, and New York. The firm said it expects to fully deploy those funds in the next 12 months. OneRoof Energy provides traditional and lease financing, PPAs, solar power system design and installation, and other related services. PPAs allow homeowners to install solar power systems on their rooftops with little or no upfront cost, instead paying monthly for their solar power. Investors in PPAs typically are looking for a mortgage-like risk profile and income, but with higher returns.