MMA Renewable Ventures Finances SunPower Solar Systems at 14 Macy's Stores
Macy's, MMA Renewable Ventures, SunPower and Wells Fargo Team Up For Cost-Effective Clean Energy
SAN FRANCISCO, Calif., Apr. 1, 2008 /PRNewswire/ -- MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC ("MuniMae," OTC: MMAB.PK) 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™ 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 www.mmarenewableventures.com
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 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.
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.
Media Contacts: Rosalind Jackson Antenna Group (for MMA Renewable Ventures) firstname.lastname@example.org 415.977.1923 Ingrid Ekstrom SunPower Corporation email@example.com 510.260.8368 Stephanie Rico Wells Fargo & Co. Stephanie.firstname.lastname@example.org 415.396-5804