Morgan Stanley’s MySolar Invests in Solar Financing Company
OneRoof Energy announced that it secured an agreement for the acquisition of up to $100 million in residential solar projects with MS Solar Holdings and Main Street Power Company, through the expansion of its 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 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.
“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.”
San Diego, CA-based OneRoof Energy is a solar finance provider. OneRoof provides homeowners with financing options for solar electric systems.
MS Solar Holdings is an indirect wholly owned subsidiary of Morgan Stanley that focuses on equity investments in companies that own, directly or indirectly, solar photovoltaic PV projects.
National Bank of Arizona is a full-service community bank offering business and personal financial solutions that help customers manage and grow their bottom line.
Main Street Power Company is a developer, owner and operator of distributed generation solar projects.