MMA Muni Mtg & Equ Llc

1.1-megawatt system is expected to save more than $13 million in utility costs and reduce greenhouse gas emissions by 950 metric tons FRESNO, Calif., Nov. 8 /PRNewswire-FirstCall/ -- Chevron Energy Solutions, a unit of Chevron Corporation (NYSE:CVX), and California State University, Fresno (Fresno State), today announced the completion of a large-scale solar power installation at Fresno State that will supply 20 percent of the university's annual power needs. (Photo http://www.newscom.com/cgi-bin/prnh/20071108/AQTH079-ahttp://www.newscom.com/cgi-bin/prnh/20071108/AQTH079-b) The 1.1-megawatt solar system -- the largest photovoltaic (PV)-paneled parking installation at a U.S. university -- is expected to save Fresno State more than $13 million in avoided utility costs over its 30-year lifespan. The 10 structures, which provide the only shaded parking on the campus, comprise 3,872 photovoltaic panels mounted on top of more than 700 carport stalls constructed in parking lots on the southeast side of campus. The renewable energy system is expected to generate more than 1.5 million kilowatt hours of power each year, offsetting the production of about 950 metric tons of carbon dioxide emissions -- equivalent to planting more than 24,300 new trees or removing more than 200 cars from the road every year. The project was celebrated today at an event attended by state and local dignitaries, university officials, faculty and staff, energy industry representatives and members of the community. "Fresno State is delighted to be a leader in advancing sustainability initiatives and in the conservation of scarce natural resources," said President John D. Welty. "This project is just one of the university's 'green campus' initiatives." At the ceremony, Welty signed the Talloires Declaration, committing Fresno State to a 10-point action plan to incorporate sustainability and environmental literacy into teaching, research, operations and outreach at colleges and universities. It has been signed by more than 350 university presidents and chancellors in 40-plus countries. "We're delighted to have partnered with Fresno State on this landmark renewable power project," said Jim Davis, president of Chevron Energy Solutions. "This solar installation underscores the university's commitment to environmental sustainability and can serve as a model for other campuses within the California State University system." The $11.9 million project cost was partially offset by a $2.8 million rebate administered by Pacific Gas & Electric Company under the State of California's Self-Generation Incentive Program. The project was financed through an innovative Power Purchase Agreement with MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC, "MuniMae," (NYSE:MMA), which owns and operates the PV installation. Under a 20-year contract, Fresno State is purchasing the power generated by the solar installation from MMA Renewable Ventures at market-competitive rates. The solar parking project includes: -- Ten multi-car, covered parking canopies topped with PV panels -- Four publicly located electronic kiosks that provide real-time status of the photovoltaic production, conversion and electricity output -- Parking lot upgrades, including 150 additional parking spots, repaving, landscaping, improved traffic flow measures and additional lighting and security cameras The covered parking includes 125 spots designated as premium reserved spaces for faculty and staff who pay a fee above normal campus parking fees for exclusive use of a stall. About Fresno State California State University, Fresno, is the largest institution of higher education in Central California and has a growing reputation as one of the West Coast's premier universities. Founded in 1911, Fresno State has earned national acclaim for programs in teacher-preparation, health care, water technology, winemaking, entrepreneurship and the Classics. Guided by a distinguished faculty, the 22,300 students receive the academic, practical and leadership skills to meet the dynamic challenges of today and the future in the global community. About Chevron Energy Solutions Chevron Energy Solutions provides public institutions and businesses with environmentally sound projects that increase energy efficiency, reduce energy costs and ensure reliable, high-quality power for critical operations. The company employs proven technologies to meet customers' specific needs, including infrastructure technologies, energy controls, solar power, fuel cells and other systems. Its parent, Chevron Corporation, is investing across the energy spectrum to develop energy sources for future generations by expanding the capabilities of alternative and renewable energy technologies. Between 2002 and 2006, Chevron spent approximately $2 billion on developing alternative and renewable energy technologies. Chevron expects to spend more than $2.5 billion in this area between 2007 and 2009. For more information about Chevron Energy Solutions, go to http://www.chevronenergy.com/ About MMA Renewable Ventures A subsidiary of Municipal Mortgage & Equity, LLC, "MuniMae" (NYSE:MMA), MMA Renewable Ventures finances, owns and operates renewable energy and energy efficiency assets in the United States. The company provides leases, Power Purchase Agreements (PPAs) and other customized financial solutions to help its customers manage energy costs. MMA Renewable Ventures is dedicated to delivering competitively priced, clean energy and energy savings to customers, strong partnership options for project developers, and exceptional opportunities for institutional investment in the clean energy sector. For more information about MMA Renewable Ventures, visit http://www.mmarenewableventures.com/ Related Links: Talloires Declaration: http://www.ulsf.org/programs_talloires.html High-resolution photos are available at http://www.fresnostatenews.com/ http://www.newscom.com/cgi-bin/prnh/20071108/AQTH079-a http://www.newscom.com/cgi-bin/prnh/20071108/AQTH079-b http://photoarchive.ap.org/ DATASOURCE: Chevron Energy Solutions CONTACT: Shirley Armbruster, Director of News Services of Fresno State, +1-559-278-5292; or Diane Padurean, Communications Director of Chevron Energy Solutions, +1-415-733-4629; or Alanna Gino of Antenna Group, +1-415-977-1918, for MMA Renewable Ventures Web site: http://www.chevronenergy.com/ http://www.ulsf.org/programs_talloires.html http://www.fresnostatenews.com/ http://www.mmarenewableventures.com/

Copyright