April 3, 2008
MMA Inks Deal For Macy’s Solar Power
MMA Renewable Ventures has signed Power Purchase Agreements 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. MMA Renewable Ventures will own the solar energy systems and sell electricity to Macy’s.
The 14 systems financed by MMA Renewable Ventures are part of Macy’s plan to install solar systems on 28 stores throughout California.
More on this kind of financing here.
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