MMA Completes Solar Fund III

MMA Renewable Ventures LLC announced that it has completed Solar Fund III, raising nearly US $200 million to support the creation of new solar energy projects nationwide. Through Solar Fund III, MMA Renewable Ventures successfully deployed 20.6 megawatts (MW) of new solar photovoltaic (PV) production capacity in the U.S.

The company financed and completed — and now owns and operates — 20 PV 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. “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. Most of the construction debt, permanent debt and rebate financing for the Solar Fund III projects was provided by the National Consumer Cooperative Bank.

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