MMA Renewable Ventures Grows Solar PPA Portfolio 500 Percent in 2007
01 April 2008 - 2:00PM
PR Newswire (US)
Clean Energy Finance Pioneers Cap 2007 with 34 MW of Solar SAN
FRANCISCO, April 1, 2008 /PRNewswire-FirstCall/ -- MMA Renewable
Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC
("MuniMae") (Pink Sheets: MMAB) today announced that it closed 2007
with approximately 34 megawatts (MW) of solar under operation and
development, including more than 20 MW of new renewable energy
generation last year alone, an increase of more than five times its
2006 portfolio. In total, MMA Renewable Ventures brought projects
into operation at 18 sites across the U.S. in 2007, among them,
North America's largest solar photovoltaic system at Nellis Air
Force Base (14MW). The successful growth solidifies MMA Renewable
Ventures' position as one of North America's largest solar power
purchase agreement (PPA) providers. The company's expanding project
pipeline also includes over $100 million in energy efficiency
projects and 100 MW in additional renewable energy sources
including wind and biofuels. "We saw a robust increase in demand
for solar PPAs during 2007, growth that we have already seen
persisting through the first part of 2008 as energy customers
across the country continue to look for easy, cost-effective ways
to take advantage of clean, predictable energy from the sun," said
Matt Cheney, CEO of MMA Renewable Ventures. "In total, these
systems will decrease carbon dioxide emissions by more than 63
million pounds each year." Through the PPA model it helped pioneer,
MMA Renewable Ventures makes solar energy cost-competitive by
financing, owning and operating the installations on behalf of its
customers and investors. In turn, the energy customer simply
purchases the power generated under a long-term contract,
benefiting from predictable electricity pricing and a solar energy
system that is cash flow positive from its first day of operation.
MMA Renewable Ventures arranges for third party institutional
investment in its solar projects. The company typically structures
financing by aggregating a number of its high- quality solar
projects into low risk debt and tax-advantaged institutional
investor funds, which enable multiple investors to participate
while at the same time diversifying their risk. "In addition to
sound state policies that promote solar energy, innovations in
clean energy project finance have helped open the doors for
unprecedented U.S. solar market expansion in this past year. With
MMA Renewable Ventures helping to lead the way, the PPA model has
emerged as one of the most effective mechanisms for making solar
cost-effective for commercial and large-scale energy customers,"
said Sara Birmingham, Director of Western Policy for The Solar
Alliance. "MMA Renewable Ventures consistently delivers on its
promise of providing competitively priced clean energy for its
customers and exceptional investment opportunities in solar
energy," said Michael L. Falcone, CEO of MuniMae. "We are proud to
count MMA Renewable Ventures' growing project portfolio among the
high-quality investment opportunities that MuniMae offers its
institutional investors." In 2007 MMA Renewable Ventures delivered
customized solar PPAs to commercial, utility, and public energy
customers nationwide. In addition to the landmark PV system at
Nellis Air Force Base, the company's operational portfolio for the
year includes commercial-scale installations at Florida Power &
Light Company (FPL) and Estee Lauder as well as east and west coast
locations for Roche Pharmaceuticals. Municipal customers include AC
Transit, and the City of Thousand Oaks. MMA Renewable Ventures also
added a number of academic institutions to its portfolio,
including: CSU Fresno, Sussex County Community College in Newton,
New Jersey and the Happy Valley Elementary School District in
Anderson, California. About MMA Renewable Ventures A wholly-owned
subsidiary of Municipal Mortgage & Equity, LLC ("MuniMae," OTC:
MMAB.PK), 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/ DATASOURCE: MMA Renewable
Ventures, LLC CONTACT: Rosalind Jackson of Antenna Group,
+1-415-977-1923, , for MMA Renewable Ventures Web site:
http://www.mmarenewableventures.com/
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