South Korea’s Hanwha backs US solar firm OneRoof Energy
South Korea’s Hanwha International has led a $50 million round of financing for residential solar company OneRoof Energy, which works directly with roofers to lease and install residential solar power systems.
The company has also closed its first fund to finance residential solar projects in partnership with cleantech investor Black Coral Capital and a subsidiary of US Bancorp. The fund will provide capital for OneRoof's leasing program, whereby homeowners pay a monthly fee for rooftop solar energy systems and incur no upfront costs or ongoing maintenance expenses.
Hanwha International, is part of Korean conglomerate Hanwha Group, which holds a controlling interest in Hanwha SolarOne, a solar manufacturing company. As part of the transaction, Hanwha International will receive a significant, non-controlling stake in OneRoof. The company's founder investors include The Quercus Trust, Yellowtree Energy and Spring Ventures.
US Bancorp has committed more than $554 million to finance more than $1 billion of renewable energy projects in the US, primarily in the solar market and in select opportunities in the wind energy market. Black Coral Capital, which was formed in 2008, is a founding member of the Cleantech Syndicate, a consortium of families that invest in and support cleantech companies.
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