MMA Renewable Ventures Completes Its Solar Fund III
subsidiary of Municipal Mortgage & Equity, LLC (“MuniMae”)
(Pink Sheets: MMAB) today announced that it has completed Solar Fund III,
raising nearly
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
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
“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
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
the most visible solar arrays in the nation), as well as solar projects for
Macy’s, Roche,
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.
SOURCE MMA Renewable Ventures, LLC