MMA Renewable Ventures Finances SunPower Solar Systems at 14 Macy's Stores
April 01 2008 - 7:00AM
PR Newswire (US)
Macy's, MMA Renewable Ventures, SunPower and Wells Fargo Team Up
For Cost-Effective Clean Energy SAN FRANCISCO, April 1, 2008
/PRNewswire-FirstCall/ -- MMA Renewable Ventures, LLC, a subsidiary
of Municipal Mortgage & Equity, LLC ("MuniMae," Pink Sheets:
MMAB) 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 ("Wells Fargo," NYSE:
WFC), under which Wells Fargo intends to fund 10-15 megawatts of
solar energy projects nationwide. SunPower Corporation
(NASDAQ:SPWR), 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
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. About MMA Renewable Ventures A
wholly-owned subsidiary of Municipal Mortgage & Equity, LLC
("MuniMae," OTC: MMAB.PK), MMA Renewable Ventures finances, owns
and operates renewable energy and energy efficiency assets in the
United States. The Company provides leases, Power Purchase
Agreements (PPAs) and other customized financial solutions to help
its customers manage energy costs. MMA Renewable Ventures is
dedicated to delivering competitively priced, clean energy and
energy savings to customers, strong partnership options for project
developers, and exceptional opportunities for institutional
investment in the clean energy sector. For more information about
MMA Renewable Ventures, visit http://www.mmarenewableventures.com/
About SunPower SunPower Corporation (NASDAQ:SPWR) designs,
manufactures and delivers high-performance solar electric systems
worldwide for residential, commercial and utility-scale power plant
customers. SunPower high-efficiency solar cells and solar panels
generate up to 50 percent more power than conventional solar
technologies and have a uniquely attractive, all-black appearance.
With headquarters in San Jose, Calif., SunPower has offices in
North America, Europe and Asia. For more information, visit
http://www.sunpowercorp.com/. SunPower is a majority-owned
subsidiary of Cypress Semiconductor Corp. (NYSE:CY). About Wells
Fargo & Co Wells Fargo & Company is a diversified financial
services company with $575 billion in assets, providing banking,
insurance, investments, mortgage and consumer finance through
almost 6,000 stores and the internet (wellsfargo.com) across North
America and internationally. Wells Fargo Bank, N.A. is the only
bank in the U.S., and one of only two banks worldwide, to have the
highest credit rating from both Moody's Investors Service, "Aaa,"
and Standard & Poor's Ratings Services, "AAA." Wells Fargo
integrates environmental responsibility into its business. Since
2006 it has committed to invest more than $400 million in solar and
wind energy projects and is recognized by Environmental Protection
Agency as a 2007 Green Power Partner of the Year. About Macy's
Macy's, the largest retail brand of Macy's, Inc., delivers fashion
and affordable luxury to customers at more than 800 locations in 45
states, the District of Columbia, Puerto Rico and Guam. Offering
distinctive assortments including exclusive fashion and home
brands, Macy's stores are operated by seven regionally based retail
divisions -- Macy's East, Macy's Florida, Macy's Midwest, Macy's
North, Macy's Northwest, Macy's South, and Macy's West -- and an
on-line store at macys.com. DATASOURCE: MMA Renewable Ventures, LLC
CONTACT: Rosalind Jackson of Antenna Group, +1-415-977-1923, , for
MMA Renewable Ventures, LLC; or Ingrid Ekstrom of SunPower
Corporation, +1-510-260-8368, ; or Stephanie Rico of Wells Fargo
& Company, +1-415-396-5804, Web site:
http://www.mmarenewableventures.com/ http://www.sunpowercorp.com/
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