MMA Renewable Ventures Completes Its Solar Fund III
27 Janvier 2009 - 5:00PM
PR Newswire (US)
Clean Energy Pioneer Places 20 MW of New Solar Photovoltaic
Production Capacity Online in the U.S. SAN FRANCISCO, Jan. 27
/PRNewswire/ -- MMA Renewable Ventures, LLC, a subsidiary of
Municipal Mortgage & Equity, LLC ("MuniMae") (Pink Sheets:
MMAB) today announced that it has completed Solar Fund III, raising
nearly $200 million to support the creation of new solar energy
nationwide. Through Solar Fund III, MMA Renewable Ventures
successfully deployed 20.6 megawatts (MW) of new solar photovoltaic
production capacity in the U.S. The company financed and completed
-- and now owns and operates -- 20 new photovoltaic projects sited
at governmental, retail, private and public sector locations, with
third-party power purchase agreements. The company achieved this
despite the challenging financial market and fluctuating energy
prices in 2008. "With the closing of Solar Fund III, we've
confirmed that electricity customers in the U.S. are looking at the
long term, and have identified clean, predictably-priced energy
from the sun as an operational fit that makes sense," said Matt
Cheney, CEO of MMA Renewable Ventures. "We are well- positioned to
meet the growing demand for solar. Thanks to our strong team and
outstanding partners, we're able to negotiate deals and secure
supply. Our excellent relationships -- with integrators, suppliers,
and premier financial institutions that are making tax-advantaged
investments -- enable us to complete projects quickly and
successfully. Renewable energy, in particular solar, has proven it
can weather the financial storm, and will continue to fuel the
economy with jobs and economic growth, despite the difficult
challenges currently facing the credit market." Solar Fund III
included a tax equity investment from Wells Fargo that enabled MMA
Renewable Ventures to finance solar energy projects nationwide.
"We're pleased to work with MMA Renewable Ventures to help unlock
the vast opportunities that exist to help our nation take advantage
of clean, renewable energy," said Barry Neal, director of
Environmental Finance at Wells Fargo. "Our companies have a mutual
dedication to aligning renewable energy with real economic
opportunity in ways that benefit our customers, community,
shareholders and the environment." Most of the construction debt,
permanent debt, and rebate financing for the Solar Fund III
projects was provided by the National Consumer Cooperative Bank
("NCB"). "NCB views renewable energy as an important priority; we
supply innovative financial services, and have a strong commitment
to community involvement and the environment," said Andrew Kho,
Managing Director of NCB's renewable energy department. "NCB enjoys
working with MMA Renewable Ventures, and we look forward to
continuing our collaboration on future solar PV projects." MMA
closed 2008 with approximately 40 MW in total of solar projects
under its management and operation, an increase of 75 percent from
its 2007 portfolio. "Our most recent projections indicate another
substantial step in our growth for 2009, further reinforcing MMA
Renewable Ventures' position as the nation's leading independent
developer, financier, owner, and operator of renewable energy
projects," noted Cheney. MMA Renewable Ventures leverages tax
credits and other incentives to finance and develop large-scale
solar power systems under long-term contracts known as Power
Purchase Agreements (PPA). Among the 20.6 MW of new solar
photovoltaic projects that MMA brought online across the U.S. is
the landmark two-megawatt solar photovoltaic system at Denver
International Airport (one of the most visible solar arrays in the
nation), as well as solar projects for Macy's, Roche, University of
California-San Francisco, Gap Inc., FPL, Bolthouse Farms, and
Lowe's. About MMA Renewable Ventures A wholly-owned subsidiary of
Municipal Mortgage & Equity, LLC (OTC:MMAB.PK), MMA Renewable
Ventures is a provider of renewable energy to businesses, utilities
and government. The company develops, finances, owns and operates
solar, wind, biomass and energy efficiency projects that provide
clean power to customers without capital investment or maintenance
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. Our team of engineers, financiers and projects managers is
passionate about building a sustainable future. For more
information, visit http://www.mmarenewableventures.com/.
DATASOURCE: MMA Renewable Ventures, LLC CONTACT: Stri Zulch of MMA
Renewable Ventures, +1-510-339-1527, Web site:
http://www.mmarenewableventures.com/
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