MMA Capital Management, LLC ("MMA Capital Management" or the "Company"), a Delaware limited liability company, today announced that its subsidiary, MMA Energy Capital, LLC ("MMA Energy Capital"), through its joint venture with Fundamental Advisors, LP ("Fundamental"), a leading alternative asset manager, closed an $11 million financing facility with SunStream Partners, LLC ("SunStream") to be used for the construction of two separate 2.6 MW solar projects in New York. SunStream has signed an Engineering, Procurement, and Construction agreement with Dynamic Energy of Wayne, PA to build the projects.
"New York continues to be a very strong market for renewable energy development and we are extremely pleased to complete this transaction with SunStream" Bob Hopper, Managing Director of MMA Energy Capital stated.
"We are very pleased to build and operate these systems for the benefit of our non-profit clients. The financing commitment from MMA Energy Capital has made this investment in clean renewable energy possible. The project will yield significant environmental benefits and allow our clients to reinvest savings in additional energy efficiency initiatives," said Richard Fortin, Principal of SunStream. "We look forward to a long and successful relationship with MMA Energy Capital," concluded Mr. Fortin.
The projects were awarded rebates under the NY-Sun Initiative which is part of Governor Cuomo's commitment to protect the environment and lower energy costs by improving the efficiency and reliability of the electric grid. NY-Sun brings together and expands existing programs administered by the New York State Energy Research and Development Authority, Long Island Power Authority, PSEG Long Island, and the New York Power Authority.
About MMA Energy Capital
MMA Energy Capital provides custom solutions around construction debt and development capital for renewable energy projects that enable its customers to effectively develop and build world class projects through access to efficiently placed capital.
For more information on MMA Energy Capital, please contact Bob Hopper at [email protected], or visit our website, www.mmaenergycapital.com.
About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to the municipal markets. Founded in 2007 as a private equity firm focused on revitalizing distressed assets, Fundamental invests in a range of vehicles that capitalize on the growing opportunity set in the municipal market.
For more information, please visit www.fundamentaladvisorslp.com.
About SunStream Partners
SunStream Partners develops, owns, operates, and maintains custom solar installations for clients seeking sustainable energy solutions. SunStream brings together the resources of world class energy engineering and integration firms and institutional investors to develop renewable energy projects for clients interested in reducing overall energy consumption, decreasing dependence on fossil fuel, and lowering the cost of energy to power their business operations.
About Dynamic Energy
Dynamic Energy develops, finances, designs, builds and maintains distributed generation projects that provide savings for corporate, institutional and municipal customers. Dynamic builds turnkey systems that reduce energy expenses, improve operating efficiency, provide energy reliability and security, yield attractive investment returns and achieve sustainability goals.
For more information, please visit www.dynamicenergyusa.com