MMA Capital Management, LLC announced that its subsidiary, MMA Energy Capital, LLC closed an US$11 million financing facility with SunStream Partners, LLC to be used for the construction of two separate 2.6 MW solar projects in New York. SunStream has signed an Engineering, Procurement, and Construction agreement with Dynamic Energy of Wayne, PA to build the projects.
“New York continues to be a very strong market for renewable energy development and we are extremely pleased to complete this transaction with SunStream” Bob Hopper, Managing Director of MMA Energy Capital stated.
“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. “We look forward to a long and successful relationship with MMA Energy Capital,” concluded Mr. Fortin.
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.