San Francisco, California [RenewableEnergyAccess.com] MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC, last week announced that it 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.
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 United States.
MMA Renewable Ventures has constructed a diverse portfolio of photovoltaic 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 thirty 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).
“Managing and deploying a new solar energy system requires diligent attention to the individual needs of each energy customer. Our formula for project finance gives us the flexibility to work with many industry partners to deliver a wide range of product options for projects of any scale,” said MMA Renewable Ventures CEO Matt Cheney. “This successful Fund III close and relationship with Wells Fargo demonstrates our ability to translate complex and diverse projects into a single, substantial investment-grade opportunity for our institutional investors.”
Barry Neal, director of Environmental Finance at Wells Fargo said, “Through our investment we’re helping make solar and other renewable energy sources a cost effective option for our customers concerned about rising energy prices and the environment.”