Oct. 3 (Bloomberg) — OneRoof Energy Group Inc., which
provides solar-energy services in five U.S. states, is receiving
as much as $16.7 million in financing.
Black Coral Capital LLC and affiliates of the Hanwha Group,
OneRoof’s two biggest investors, are providing credit lines for
working capital and project construction, OneRoof said today in
a statement. Part of the financing will be used to install about
175 rooftop systems.
OneRoof has received about $4.4 million for working
capital. That loan, backed by OneRoof’s solar assets, matures on
Dec. 31 and has an interest rate of 12 percent.
Part of today’s financing includes a project credit line of
$6.9 million, at 9.25 percent interest that matures Dec. 31,
2015, will help fund obligations linked to its $58 million
residential solar fund.
The company, based in Toronto, serves customers in
California, Arizona, Hawaii, New York and Massachusetts through
its San Diego subsidiary.
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Reed Landberg at
Jim Efstathiou Jr., Steven Frank