MMA Renewable Ventures Finances 14 Macy's Stores PV Systems (Calif.)

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http://www.solarbuzz.com/News/NewsNAPR1041.htm

MMA Renewable Ventures, LLC 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, under which Wells Fargo intends to fund 10-15 megawatts of solar energy projects nationwide.

SunPower Corporation 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."

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