BALTIMORE and NEW YORK, Oct. 7, 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 a $55 million financing facility with Conergy to be used for the construction of its 36 MW North Carolina solar portfolio.
This financing supports Conergy in constructing the first set of assets it will hold under its new strategy to become a solar independent power producer (IPP), as announced last week. Conergy will build, own and operate this portfolio of seven projects and sell the power to Duke Energy Carolinas under a 15-year power purchase agreement (PPA).
"We are extremely pleased to complete this transaction with Conergy, one of the pioneers in the solar energy space, and this project will provide the residents of North Carolina with clean, reliable electric power for many years," Bob Hopper, Managing Director of MMA Energy Capital stated.
"As we grow our asset ownership, Conergy is thrilled to build out our North Carolina project portfolio with MMA Energy Capital's facility. This financing further validates our bankability and access to capital for projects," said Yann Brandt, Conergy's Regional Head of The Americas.
Conergy began construction of the seven solar projects in September. The company plans to meet requirements to receive the North Carolina state solar tax credit this quarter and the projects will be placed in service in early 2016.
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.
Conergy is one of the world's largest downstream solar companies — specializing in the design, finance, build and operation of high-performance solar systems — and solar IPP. Founded in 1998, the company has pioneered the expansion of solar power globally and, today, combines industry-leading solar PV experience with access to capital across six continents. Conergy is privately held and majority-owned by Miami-based asset management firm Kawa Capital Management, Inc. For more information, visit www.conergy.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