MMA Renewable Ventures Closes Fund IV with Citi, Allstate, John Hancock for Nation's Largest Solar Electric System

SAN FRANCISCO, Oct. 10 /PRNewswire-FirstCall/ -- MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC, "MuniMae," , today announced that it has closed financing commitments for approximately 15 megawatt (MW) photovoltaic installation at Nellis Air Force Base, the largest solar electric system in North America. With equity investments from Citi and Allstate and debt provided by John Hancock Financial Services, the MMA Renewable Ventures syndication represents the first U.S. solar photovoltaic project investment structured to include both debt and equity placements. The fund also marks the first solar market investment for both Citi and Allstate.

MMA Renewable Ventures manages a Power Purchase Agreement (PPA) with the Air Force and a Renewable Energy Credit (REC) contract with local utility Nevada Power Company to deliver a high quality, low risk clean energy investment opportunity for its institutional investors. Under the terms of the PPA, MMA Renewable Ventures will finance, own and operate the approximately 70,000 solar panel system and sell predictably priced power to Nellis Air Force Base under a long-term contract. As a result, the system will be cash flow positive for Nellis Air Force Base immediately upon its completion later this year.

"At MMA Renewable Ventures we have a proven record of managing the many financial, operational and technological risks inherent to solar project finance to deliver a streamlined clean energy investment opportunity. For this landmark system at Nellis, our team pioneered a sophisticated combined debt and equity structure that provides attractive, risk-adjusted returns for our institutional investors," said Matt Cheney, CEO of MMA Renewable Ventures. "Our financial partners, Citi, Allstate and John Hancock, should all be recognized for their significant effort in helping make cost-effective solar a practical reality."

"Citi is pleased to partner with MMA Renewable Ventures on its first investment in solar energy as part of the nation's largest photovoltaic installation," said Andrew Ditton, co-head of Citi Community Capital. "This transaction is a testament to Citi's $50 billion commitment to address global climate change through investments and financings that provide the best solutions for our clients while benefiting the communities where we operate."

"We are very pleased to be a part of this landmark financing in the solar industry and partner with the industry leader, MMA Renewable Ventures," said Jerry Hanrahan, Managing Director of Hancock's Project Finance Team. "John Hancock has an established track record of providing financing to well structured, environmentally beneficial power projects."

About MMA Renewable Ventures

A wholly-owned subsidiary of Municipal Mortgage & Equity, LLC ("MuniMae," ), 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/