US OneRoof Energy raises USD 50m in funding

Sep 27, 2011 - OneRoof Energy of the US has raised USD 50 million (EUR 37m) in funding to start its solar leasing programme, whose official launch was announced on Monday.

The company, based in San Diego, installs and maintains residential rooftop solar power systems and cooperates with builders so that those can be put in place when a roof is being built or renewed.

Hanwha International, a unit of Hanwha Group, the South Korean conglomerate, has led a series A financing round and in return is receiving a substantial but not controlling stake in the business. OneRoof Energy said it will use the equity investment to move ahead with "its rapid growth plan to develop the residential solar leasing market".

The company also said that it has raised its first fund to provide financing for residential solar projects under an alliance with clean-tech investment firm Black Coral Capital and a subsidiary of US Bancorp (NYSE:USB).

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