MMA Capital Management has closed a US$11 million financing facility with SunStream Partners for the construction of two separate 2.6-megawatt solar projects in New York.
MMA Energy Capital, a MMA Capital Management unit, completed the financing through its joint venture with Fundamental Advisors, an alternative asset management firm. “New York continues to be a very strong market for renewable energy development and we are extremely pleased to complete this transaction with SunStream,” said Bob Hopper, Managing Director of MMA Energy Capital.
The projects were awarded rebates under the NY-Sun Initiative which is part of Governor Cuomo’s commitment to protect the environment and lower energy costs by improving the efficiency and reliability of the electric grid. NY-Sun brings together and expands existing programs administered by the New York State Energy Research and Development Authority, Long Island Power Authority, PSEG Long Island, and the New York Power Authority.
“We are very pleased to build and operate these systems for the benefit of our non-profit clients. The financing commitment from MMA Energy Capital has made this investment in clean renewable energy possible. The project will yield significant environmental benefits and allow our clients to reinvest savings in additional energy efficiency initiatives,” said Richard Fortin, Principal of SunStream.