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.

Related Links
MMA Renewable Ventures
All About Solar Energy at SolarDaily.com

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