MMA Capital Management LLC (NASDAQ: MMAC) said Dec. 10 that subsidiary MMA Energy Capital LLC, through its joint venture with Fundamental Advisors LP, closed an $11 million financing facility with SunStream Partners LLC for 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,” said Bob Hopper, Managing Director of MMA Energy Capital.
“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.
The projects were awarded rebates under the NY-Sun Initiative which is part of Gov. Andrew 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.
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.
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.
SunStream Partners develops, owns, operates, and maintains custom solar installations for clients seeking sustainable energy solutions.
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.