Apr 1 2008
MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage + Equity, LLC today announced that it has signed Power Purchase Agreements (PPAs) for 14 new solar electric systems at Macy's stores in California. MMA Renewable Ventures arranged equity investment for the first four systems through its Solar Fund III, a financing commitment with a subsidiary of Wells Fargo, under which Wells Fargo intends to fund 10-15 megawatts of solar energy projects nationwide.
SunPower Corporation, a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems is providing the systems. Through the SunPower Access(TM) PPA program, MMA Renewable Ventures will own the solar energy systems and sell market-competitive, predictably-priced electricity to Macy's in support of the retailer's commitment to environmental sustainability. The 14 systems financed by MMA Renewable Ventures are part of Macy's partnership with SunPower to install solar systems and provide energy efficiency upgrades on a total of 28 stores throughout California.
"Macy's has demonstrated remarkable leadership in promoting sustainable business practices through its statewide clean energy and energy efficiency measures," said Matt Cheney, CEO of MMA Renewable Ventures. "Today we are working with Macy's to prove that such pioneering efforts can be as good for a company's bottom line as they are for the environment."
"Forward-thinking companies are using power purchase agreements to benefit from the use of clean, renewable solar power," said SunPower Chief Executive Officer Tom Werner. "Macy's is combining energy efficiency upgrades with a significant commitment to solar power, financed by MMA Renewable Ventures, to reduce greenhouse gas emissions easily and affordably."
"Our investment in this Solar Fund is part of our broader strategy to finance and support business opportunities that help accelerate a transition toward a sustainable energy economy," said Barry Neal, Wells Fargo's Director of Environmental Finance.
MMA Renewable Ventures' customized PPA solutions eliminate the upfront cost of solar energy systems and ongoing responsibilities of system maintenance for energy customers like Macy's. As a third-party system owner, MMA Renewable Ventures manages project risk and optimizes incentives and other financial factors to make the new solar energy systems a cost effective source of clean energy. Leveraging its deep expertise in project finance and energy system operations, MMA Renewable Ventures is able to deliver a long-term contract for power that offers customers immediate energy savings and a long- term hedge against future pricing volatility.