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MMA Renewable Ventures closes fund for solar electric system11/10/2007. Source: AltAssets. 
 MMA Renewable Ventures, a subsidiary of Municipal Mortgage & Equity, has closed financing commitments for an approximately 15 megawatt photovoltaic installation at Nellis Air Force Base, a large solar electric system in North America. The project will be financed through equity and debt, with equity investments coming from Citi and Allstate.
The new fund, MMA Renewable Ventures' Fund IV, marks the first solar market investment for both Citi and Allstate.
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, according to a statement.
Matt Cheney, CEO of MMA Renewable Ventures, said, '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.'
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