OneRoof Energy Group Inc. has entered into a series of financing agreements with Black Coral Capital LLC and affiliates of the Hanwha Group to provide up to approximately $16.7 million in additional financing.
Approximately $6.5 million of new investment will be provided in the form of a working capital line of credit. Another $6.9 million will be used to support OneRoof Energy's obligations under its existing $58 million residential solar fund. Finally, OneRoof Energy has executed a loan agreement with Hanwha International LLC for the financing of the construction of solar projects replacing the existing development program agreement between the parties.
‘This new round of financing from Black Coral Capital and Hanwha Group affiliates supports our recently announced strategy to partner with leading home service providers, such as Elevate, and to lower OneRoof Energy's customer acquisition costs,’ says David Field, president and CEO of OneRoof Energy Group.