MMA Renewable Ventures, LLC, a subsidiary of MuniMae (NYSE: MMA), has closed commitments for Fund III, a leveraged solar energy project finance fund with tax-advantaged equity investments from an affiliate of Wells Fargo & Company (NYSE: WFC). MMA Renewable Ventures will use the capital to finance, own and operate 10-15 megawatts (MW) of new distributed photovoltaic projects for customers across the U.S.
MMA has constructed a diverse portfolio of PV projects, delivering a low risk renewable energy investment opportunity to Wells Fargo. The multi-project Fund III will streamline financing for solar electric systems at more than 30 sites including commercial, utility, and municipal organizations. MMA Renewable Ventures will manage all of the solar generation assets and deliver predictably priced electricity to the customers under long-term power purchase agreements (PPAs).
With the close of MMA Renewable Ventures’ Fund III, the company has arranged financing for a total of $300 million worth of solar energy projects under PPAs in seven states, resulting in 30 MW of new solar development.
Though most emerging markets are struggling to find institutional capital in the midst of the current credit crunch, MMA Renewable Ventures has lined up a who’s who of the nation’s most risk-averse financial institutions: Citi, Allstate, and John Hancock.
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.
Loading...