OneRoof Energy raises $3 million from Black Coral Capital

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OneRoof Energy raises $3 million from Black Coral Capital

Greentech Lead America: OneRoof Energy, a residential
solar leasing company, has raised $3 million in additional financing from
clean-tech investment firm Black Coral Capital. The fund will help the company
expand current markets and launch new markets like Hawaii, Arizona and Colorado
this year.

America’s demand for solar, rising sales and OneRoof
Energy’s SolarSelect Lease program has led to the company’s significant growth
and local hiring opportunities. OneRoof Energy is looking to fill positions in
sales, customer service, operations and other key departments and anticipates
creating 100-plus new green jobs this year.

In September 2011, OneRoof Energy received $50 million in financing from Black Coral, Hanwha International, and a
U.S. Bancorp subsidiary to create the SolarSelect Lease.

“We are pleased with Black Coral Capital’s continued
support of our business model. The additional funding, coupled with the capital
raised last year, puts us in a great position to leverage our first-to-market
advantage as we identify additional ways to grow the business,” said David
Field, president and CEO, OneRoof Energy.

The simple lease program enables homeowners to integrate
solar onto their roof with little to no upfront payment. Customers make a
monthly lease payment for the system, which when combined with their new, lower
electric bill, is lower than their existing bill without solar. OneRoof Energy
intends to close its second fund later in 2012.

“OneRoof Energy’s strategic business model has proven to
be successful in attracting strong channel partners. We are thrilled to be
involved as the company expands and brings solar rooftop systems and leasing
options to new markets,” said Nikhil Garg, vice president, Black Coral Capital.

editor@greentechlead.com

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