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 bioenergy.
"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
SOURCE MMA Renewable Ventures, LLC
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Related links:
http://www.mmarenewableventures.com
CONTACT:
Rosalind Jackson of Antenna Group,
+1-415-977-1923, rosalind@antennagroup.com, for MMA Renewable
Ventures
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