A group consisting of Morgan Stanley, Main Street Power Co and Zions Bancorporation has provided OneRoof Energy Inc with a US$100 million facility to enhance its current operations in providing financing for residential solar energy systems.
With the funding, OneRoof would be able to invest in the installation of additional solar system in homes located in AZ, CA and HI. These are the areas where the company currently operates as well as expand its operations to new markets in Colorado. Other possible markets for expansion include the US East Coast.
According to CEO David Field, "We're projected to do about US$300 million in leases this year. Like everyone else in the business, you're continuously raising tax-equity funds to support your growth."
The terms in the funding are broken down as Morgan Stanley and Main Street infusing equity investments while Zions would be providing debt. Morgan Stanley would utilize the thirty percent investment tax credit for solar energy while Main Street would be the owner of the new systems.
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