OneRoof Energy Inc., a residential solar services provider and wholly owned subsidiary of San Diego-based OneRoof Energy Group Inc. (TSXV:ON) reached an agreement with an unrelated third-party securing equity for a $58 million residential solar financing fund that will support an estimated portfolio of more than 2,000 residential solar power purchase agreements to be originated over the next 12 months initially in California, Hawaii, Massachusetts and New York.
The partnership expects to recognize investment tax credits under the American Recovery and Reinvestment Act of 2009.
The new fund brings together parties with a common belief in distributed generation in a financial structure that takes advantage of the strengths of the relevant parties. OneRoof will invest in the partnership, and remain the primary point of contact with the homeowner for the life of the transaction as operations and maintenance provider.
"We are committed to expanding solar solutions to more homeowners," commented Dale Vander Woude, executive vice president, Capital Markets for OneRoof Energy. "This new financing partnership enables us to provide a significantly more efficient sales and installation process by simplifying the financing and equipment requirements."
OneRoof Energy anticipates that the fund will be fully deployed within 12 months.