OneRoof Energy, a US-based rooftop solar panels financing company, has raised $30m from Hanwha Group, a top 10 South Korea-based industrial conglomerate.
In October 2011, OneRoof raised $50m to launch its leasing programme so homeowners can now integrate solar into their new roof at no upfront cost.
Hanwha International, part of the South Korea-based Hanwha Group conglomerate that holds a controlling interest in the Hanwha SolarOne manufacturer, led OneRoof‘s series A round in return for “a significant, non-controlling stake”.
In October, Hanwha completed the acquisition of Germany-based solar company Q Cells.
The launch of Hanwha Q Cells establishes Hanwha as the third largest solar manufacturer in the world and follows strategic investments in Crystal Solar, 1366 Technologies, TenKsolar, Silent Power and OneRoof Energy.
Hanwha’s latest investment follows OneRoof peer Sungevity raising $125m from a consortium including home improvement retailer Lowe’s and the flotation of SolarCity, backed by co-founder Elon Musk and venture capital firms Draper Fisher Jurvetson and DBL Investors, in December.