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California Colleges Add 2 MW of Solar with MMA Renewable Ventures

Nov 8, 2007 - /PRNewswire-FirstCall

MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC (NYSE: MMA) ("MuniMae"), today announced that it is financing the installation of new solar energy systems at two California college campuses, California State University, Fresno (Fresno State) and Los Angeles Community College District's East Los Angeles College (ELAC). MMA Renewable Ventures will own and operate the clean energy systems and sell predictably priced electricity to Fresno State and ELAC under long term Power Purchase Agreements (PPAs). At approximately one megawatt (MW) each, the solar installations are among the largest photovoltaic systems in U.S. higher education.

"These solar projects at ELAC and Fresno State allow the public institutions to support renewable energy while achieving cost savings from the systems' first day of operation. We're pleased to be able to help California's colleges and universities put their dollars toward education rather than investment in photovoltaic infrastructure and maintenance," said Matt Cheney, CEO of MMA Renewable Ventures.

MMA Renewable Ventures partnered with Chevron Energy Solutions, a unit of Chevron (NYSE: CVX), to create a tailored financial solution for each project. Chevron Energy Solutions developed and engineered the projects and is overseeing their construction.

ELAC is the largest college within the Los Angeles Community College District (LACCD). Upon its completion, ELAC's new solar energy system is expected to generate 1.6 million kilowatt hours (kWh) of clean power annually, enough to cover nearly all the ELAC campus' daytime electricity needs. The solar energy system will consist of approximately 6,000 solar panels installed atop carports at ELAC's Monterey Park, California campus. The system at ELAC is part of LACCD's comprehensive plan to meet its campuses' growing energy demand in ways that benefit the community and the environment.

Fresno State's 1.1 MW solar installation, which was celebrated today at an on-campus event, will meet approximately 20 percent of the university's annual power needs. Through its PPA with MMA Renewable Ventures, Fresno State expects to save more than $13 million in avoided utility costs over the 30-year life of the solar power system. Consisting of 3,872 solar panels mounted on top of more than 700 carport stalls constructed in campus parking lots, the new system is expected to offset the production of about 950 metric tons of carbon dioxide emissions each year. This is the largest solar parking project at any university in the U.S.

About MMA Renewable Ventures

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

About Chevron Energy Solutions

Chevron Energy Solutions provides public institutions and businesses with environmentally sound projects that increase energy efficiency, reduce energy costs and ensure reliable, high-quality power for critical operations. The company employs proven technologies to meet customers' specific needs. Its parent, Chevron Corporation, is investing across the energy spectrum to develop energy sources for future generations by expanding the capabilities of alternative and renewable energy technologies. Chevron spent about $2 billion on alternative and renewable energy development between 2002 and 2006, and expects to spend more than $2.5 billion on this between 2007 and 2009. For more information, please visit and

About Fresno State

California State University, Fresno is the largest institution of higher education in Central California and has a growing reputation as one of the West Coast's premier universities. Founded in 1911, Fresno State has earned national acclaim for programs in teacher-preparation, health care, water technology, winemaking, entrepreneurship and the Classics. Guided by a distinguished faculty, its 22,000 students receive the academic, practical and leadership skills to meet the dynamic challenges of today and the future in the global community.

About Los Angeles Community College District

The Los Angeles Community College District is the largest community college system in the country, educating more than 188,000 students each year. The LACCD has embarked on a $2.2 billion construction and modernization program at its nine college campuses. As funded by the Proposition A/AA Bond construction program, the LACCD is also currently undertaking the largest public sector sustainable building effort in the United States. For more information, visit

SOURCE MMA Renewable Ventures, LLC


Updated: 2016/06/30

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