OneRoof Energy, Inc., one of the nation’s fastest growing solar finance providers, announced that it has secured an agreement for the acquisition of up to $100 million in residential solar projects with MS Solar Holdings Inc., an indirect, wholly-owned subsidiary of Morgan Stanley (NYSE: MS), and Main Street Power Company, Inc., a North American solar developer and owner/operator, through the expansion of their existing MySolar℠ residential lease financing platform. Debt financing for the newest MySolar℠ fund (MySolar II, LLC) will be provided by National Bank of Arizona.
The MySolar℠ finance platform will enable OneRoof Energy to offer solar lease financing to greater numbers of American homeowners in Arizona, California, Colorado and Hawaii through its network of qualified solar dealers and installers. With the new investment, OneRoof Energy has raised and secured commitments for more than $200 million in corporate capital, project financing and tax equity funding since it closed its first tax equity fund in September 2011.
The recent investment recognizes the success of OneRoof Energy’s Solar Finance program, which provides homeowners with flexible financing options that remove the prohibitive capital investment required to purchase solar electric systems. With solar lease financing, homeowners can pay little to nothing down while targeting savings of, on average, between five and 25 percent on their electricity bill. According to data provided by the California Solar Initiative (CSI), this year more than 70% of all California solar installations are expected to be financed via a third party investment like MySolar℠.
“We are committed to expanding solar solutions across the country and this program will reach a vast number of homeowners that wouldn’t otherwise be able to afford renewable energy,” Martin Mobley, Executive Director, Morgan Stanley said. “Our partnership with accomplished solar providers such as Main Street Power and OneRoof Energy provides unique collaborative opportunities and helps ensure a successful program deployment.”
“We are excited to partner with Morgan Stanley and Main Street on this investment, as it represents a strong vote of confidence in our future,” said David Field, CEO and president of OneRoof Energy. “With this significant investment, we are one step closer to changing the way American homeowners access solar electricity.”
Since its inception in 2011, OneRoof Energy has continued its aggressive growth through its channel development and expanded services, and has added alliances with more than 100 installers in four states. The company estimates it will supply solar to more than 10,000 homes in 2013. During 2012, OneRoof Energy expanded staffing by more than 300 percent creating 60 direct green jobs in the local community. The company offers a vertically integrated, scalable and cost-effective platform for the sale, distribution and financing of residential solar electric systems in the United States.