MMA Renewable Ventures and Wells Fargo Announce Clean Energy Project in San Francisco
25 June 2008 - 11:00PM
PR Newswire (US)
SAN FRANCISCO, June 25 /PRNewswire/ -- Today MMA Renewable
Ventures, LLC, and Wells Fargo & Company ("Wells Fargo,")
(NYSE:WFC) announced a new solar energy system in San Francisco
that is providing clean, renewable power to the University of
California at San Francisco (UCSF)'s Mission Bay campus. MMA
Renewable Ventures owns and operates the 250-kilowatt (kW) system
through a long-term Power Purchase Agreement (PPA) with UCSF. MMA
Renewable Ventures arranges equity investment for projects through
its Solar Fund III, a financing commitment with Wells Fargo to fund
10-15 MW of solar energy projects nationwide. "UCSF has
demonstrated a deep-seated commitment to environmental
sustainability throughout the growth of its new Mission Bay
campus," said Matt Cheney, CEO of MMA Renewable Ventures. "Through
the long term PPA arrangement, the university is able to go solar
without the upfront installation cost or ongoing maintenance
expenses, allowing UCSF to direct its valuable resources to
education and critical research rather than a new solar energy
system." Added Wells Fargo's Director of Environmental Finance,
Barry Neal, "Wells Fargo is dedicated to aligning renewable energy
with real economic opportunity in ways that benefit our customers,
community, shareholders and the environment." Chevron Energy
Solutions, a Chevron subsidiary, designed and installed the system,
which incorporates two distinct solar energy technologies to
deliver clean, reliable power: Sharp(R) solar modules are installed
on the roof of Genentech Hall and atop the carports of the Third
Street parking garage, and UNI-SOLAR(R) thin film building
integrated photovoltaic (BIPV) laminates are mounted vertically on
the garage in a representation of a DNA structure. The system is
expected to generate 350,000 kilowatt-hours (kWh) of clean power
annually, preventing nearly 470,000 pounds of carbon dioxide
emissions each year. About MMA Renewable Ventures A subsidiary of
Municipal Mortgage & Equity, LLC "MuniMae," (Pink Sheets:
MMAB), 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 Wells Fargo & Co:
Wells Fargo & Company is a diversified financial services
company with $595 billion in assets, providing banking, insurance,
investments, mortgage and consumer finance through almost 6,000
stores and the internet (http://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 possible credit rating from both Moody's Investors Service,
"Aaa," and Standard & Poor's Ratings Services, "AAA." Wells
Fargo is an Environmental Protection Agency 2007 Green Power
Partner of the Year for its commitment to renewable energy. NOTE:
The information stated above was prepared by MMA Renewable
Ventures, LLC, and reflects solely the opinion of MMA Renewable
Ventures. Nothing in this statement shall be attributed to The
Regents of the University of California, its officers, agents or
employees. DATASOURCE: MMA Renewable Ventures, LLC CONTACT:
Rosalind Jackson of Antenna Group, +1-415-977-1923, , for MMA
Renewable Ventures; Stephanie Rico of Wells Fargo, +1-415-396-5804,
Web site: http://www.renewableventures.com/
http://www.mmarenewableventures.com/ http://wellsfargo.com/
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