OneRoof Energy Group Inc. (ON), which provides solar-energy services in five U.S. states including Arizona 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. 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.
The company, based in Toronto, serves customers in California, Arizona, Hawaii, New York and Massachusetts through its San Diego subsidiary.
Information from Bloomberg
