World Energy Exchange Completes First Solar Renewable Energy Credit Trade

World Energy Solutions announces the completion of its first online forward auction for selling renewable energy credits.

Conducted for MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC (MuniMae), the auction was a pioneering transaction that enabled MMA Renewable Ventures to leverage online technology to attract competing bidders wishing to purchase solar renewable energy credits (SRECs) needed to comply with New Jersey’s Renewable Portfolio Standards. The auction resulted in the sale of 1,500 SRECs, the equivalent of 1500 MWh of renewable energy, to be delivered over a 28-month contract period beginning in January 2007. MMA Renewable Ventures is a provider of third-party renewable energy project finance solutions. “MMA Renewable Ventures is committed to optimizing the full spectrum of financial and technological factors to deliver cost-effective renewable energy projects, and SRECs are a critical piece of that economic puzzle,” said Matt Cheney, CEO of MMA Renewable Ventures. “With a winning bid that was 25 percent higher than the initial bid, the online auction likely garnered a higher price for our SRECs than we would have achieved through a traditional process.” The SRECs were auctioned for MMA Renewable Ventures through a World Energy Channel Partner, the Dome-Tech Group, a provider of energy efficiency and clean energy project development and consulting services. “As the selling price of SRECs increases, the economics of a solar photovoltaic installation project improve. Buyers and sellers alike will benefit from having this new tool at work in New Jersey’s solar energy market as we transition from rebates to a REC-based market,” said Ed Liberty, Vice President of the Dome-Tech Group.
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