MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC has signed Power Purchase Agreements (PPAs) 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 under which Wells Fargo intends to fund 10-15 MW of solar energy projects nationwide.
MMA Renewable Ventures will own the solar energy systems and sell the electricity to Macy's in support of the retailer's commitment to environmental sustainability. The 14 systems financed by MMA are part of Macy's partnership with SunPower to install solar systems and provide energy efficiency upgrades on a total of 28 stores throughout California.
'Forward-thinking companies are using power purchase agreements to benefit from the use of clean, renewable solar power,' said SunPower Chief Executive Officer Tom Werner.