San Diego-based residential solar services provider OneRoof Energy Inc. has closed $2 million in the form of a secured non-convertible note issued to Black Coral Capital LLC, a current investor in OneRoof Energy.
The note is secured by OneRoof Energy assets that are not otherwise pledged to project financing. The note is not convertible into equity and bears an interest rate of 16% per annum compounded monthly.
The financing transaction is subject to all applicable regulatory approvals.
The proceeds from the notes will be used for general working capital purposes and investment in solar projects.