OneRoof Energy has closed a round of financing from capital markets and through a note offering.
The US-based company that provides residential solar services and is a wholly owned subsidiary of OneRoof Energy Group has reported that Black Coral Capital bought 38,337,923 common shares of the company for $3 million.
Black Coral is one of the existing investors in OneRoof.
Also, the company completed a note offering, “specifically convertible notes in the principal amount of $13,555,999, in exchange for the same amount of existing indebtedness owed by OneRoof Energy, and its subsidiaries, to Black Coral”.
According to a statement, the proceeds from the round of financing are to be used to meet general working capital purposes, including IT development and investment in solar projects.
Recently the company entered a resource-sharing partnership with New York-based solar energy provider Resolution Solar to expand its services to Massachusetts where the latter has a centrally located operations center.
Under the partnership, Resolution is to offer their Smart Start program to customers with the backing of financing options offered by OneRoof.
The Smart Start program, according to a statement, includes a power purchase agreement that allows homeowners in Massachusetts to take advantage of solar energy without a down payment.
Ajith Kumar S