BALTIMORE and NEW YORK, Dec. 10, 2015 /PRNewswire/ -- MMA Capital Management, LLC (NASDAQ: MMAC) ("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.
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
Cautionary Statement Regarding Forward-Looking Statements
This Release contains forward-looking statements intended to qualify for the safe harbor contained in Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as "may," "will," "should," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "seek," "would," "could," and similar words or are made in connection with discussions of future operating or financial performance.
Forward-looking statements reflect our management's expectations at the date of this Release regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties. Our actual results and financial condition may differ materially from what is anticipated in the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this Release. These factors include changes in market conditions that affect the willingness of potential investors or lenders to provide us with debt or equity, changes in market conditions that affect the value or marketability of assets we own, changes in market conditions or other factors that affect our access to cash that we may need to meet our commitments to other persons, changes in interest rates or other conditions that affect the value of mortgage loans we have made, changes in interest rates that affect our cost of funds, tax laws, environmental laws or other conditions that affect the value of the real estate underlying mortgage loans we own, and changes in tax laws or other things beyond our control that affect the tax benefits available to us and our investors. Readers are cautioned not to place undue reliance on forward-looking statements. We have not undertaken to update any forward-looking statements in this Release.
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SOURCE MMA Capital Management, LLC