MMA Invests $200M In Solar Energy Production Capacity

Jan 28 2009 | 9:09am ET

Baltimore-based solar-panel developer MMA Renewable Ventures announced Tuesday it had used all of the nearly $200 million raised from its Solar Fund III to build 20.6 megawatts (MW) of new solar photovoltaic production capacity in the United States.

The company financed and completed – and now owns and operates – 20 new photovoltaic projects sited at private and public sector locations, with third-party power purchase agreements. One such project is a 2MW system at Denver International Airport. The fund included equity from Wells Fargo and loans from National Consumer Cooperative Bank.

"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.  

According to the company, Solar Fund III saw the world's largest installation of solar panels made with copper, indium, gallium and selenium (CIGS), a type of thin film new to the market. (Most solar panels sold today convert sunlight to electricity by means of crystalline silicon.)

MMA also completed Fund IV (used for a 14MW project at the Nellis Air Force Base in Nevada) and is raising Fund V. The company has most of the projects lined up and expects to have the money in place by early 2009.

"We have the curve ball of the current financial crisis that makes things more interesting, but we don't anticipate it will be more difficult [to raise the money] than in the past," Mark McLanahan, MMA senior vice president for corporate development, told Greentech Media.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...