Solar finance provider OneRoof Energy 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 and Main Street Power Company, a North American solar developer and owner/operator, through the expansion of their existing MySolarSM residential lease financing platform. Debt financing for the newest MySolarSM fund will be provided by National Bank of Arizona.
OneRoof Energy, Inc., one of the nation’s fastest growing solar finance providers, announced today 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 MySolarSM residential lease financing platform. Debt financing for the newest MySolarSM fund (MySolar II, LLC) will be provided by National Bank of Arizona.
“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”
The MySolarSM 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 MySolarSM.
“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.
About OneRoof Energy
Headquartered in San Diego, Calif., OneRoof Energy® has quickly become one of the nation’s fastest growing solar finance providers. OneRoof Energy offers simple and affordable solar financing programs that people can trust. OneRoof Energy provides homeowners with financing options for solar electric systems, while receiving industry-leading warranties, eliminating the prohibitive up-front capital investment and providing ongoing maintenance. Beyond exceptional financing, OneRoof Energy offers highly innovative technologies, and some of the best warranties in the industry. OneRoof Energy believes in the collaborative power of people and their ideas. We bring together the most reputable electricians, solar installers, roofers, project managers and solar finance experts to manage the entire process with ease and expertise.
OneRoof Energy is rapidly expanding into new markets, including Hawaii, Arizona and Colorado, with additional markets opening soon. Strategic investors in the company include Hanwha Group, Black Coral Capital and Altenergy Holdings, LLC. For more information, visit www.oneroofenergy.com.
About MS Solar Holdings
MS Solar Holdings Inc. (MSSH) is an indirect wholly owned subsidiary of Morgan Stanley (NYSE: MS), one of the world’s leading financial institutions. MSSH focuses on making equity investments in companies that own, directly or indirectly, solar photovoltaic PV projects.
About National Bank of Arizona (NB|AZ)
With a smart approach to financing, National Bank of Arizona (NB|AZ) understands the entrepreneurial spirit of Arizona business. Founded in Tucson in 1984, NB|AZ is a full-service community bank offering unique business and personal financial solutions that help customers manage and grow their bottom line. With more than $4.5 billion in assets, NB|AZ is backed by the strength of Zions Bancorporation, one of the top 20 domestic bank holding companies in the U.S. with total assets of $53 billion. NB|AZ operates branch locations in more than 50 communities supporting the vision of successful individuals and businesses throughout the state of Arizona. Stop by any of the more than 70 branches of NB|AZ for local and personalized service from a loyal banking partner.
About Main Street Power Company, Inc.
Main Street Power Company, Inc. is a developer, owner and operator of distributed generation solar projects. The company works with EPC providers and financiers to structure complete turnkey solutions with no upfront capital outlay for schools, municipalities, universities, corporations and nonprofit entities. Services include power purchase agreements, leases and other innovative financing solutions. Through our ongoing business relationship with MS Solar Solutions, Main Street has closed financing on and currently owns and operates over 40 MW’s of distributed generation solar projects across North America.
Richard Kendall, 619-533-7971