SAN DIEGO, Oct. 14, 2014 (Canada NewsWire via COMTEX) — Investment marks first residential solar financing for New Resource Bank
OneRoof Energy, Inc., a residential solar services provider and wholly owned subsidiary of OneRoof Energy Group, Inc. (TSXV:ON), today announced that New Resource Bank (OTCBB: NWBN) will provide approximately $2 million in debt financing to lower its cost of funds on a pool of existing projects, freeing up additional working capital for the Company. This new lending collaboration between the two companies marks an extension of New Resource Bank’s lending portfolio from commercial into residential solar.
“New Resource Bank’s mission to advance sustainability through its investments aligns with our commitment to bring more solar solutions to homeowners,” commented David Field, president and chief executive officer for OneRoof Energy. “Today’s financing helps us lower the overall cost of funds, and in turn, provides more accessible, affordable solar solutions to our customers.”
“We’re excited to work with OneRoof Energy as a partner in building our residential solar portfolio,” said Rob Holden, senior vice president, commercial banking group manager, New Resource Bank. “While we’re no stranger to commercial-scale solar, the OneRoof Energy team has made our first residential transaction a smooth addition to our portfolio, and we look forward to working with them on future transactions.”
About OneRoof Energy
OneRoof Energy Group, Inc. (TSXV: ON), operating through its US subsidiary, OneRoof Energy, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfillment platform, OneRoof Energy is partnering with traditional energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, the company serves residential customers in five states including Arizona, California, Hawaii, Massachusetts and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
About New Resource Bank
New Resource Bank (https://www.newresourcebank.com) is the premier bank for people who are leading the way to a more sustainable world. We match an entrepreneurial spirit with a dedication to achieving environmental and social, as well as financial returns. Our mission is to advance sustainability with everything we do–the loans we make, the way we operate and our commitment to putting deposits to work for good.
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that express management’s expectations or estimates regarding the Company’s future performance, are “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
OneRoof Energy Contacts:Dan HalvorsonExecutive Vice President & CFOOneRoof Energy Group, Inc.858-926-7660 (Direct)firstname.lastname@example.org
Karen FisherVice President, Investor Relations, Marcom & ComplianceOneRoof Energy Group, Inc.858-926-7541 (Direct)email@example.com