Delaware-based limited liability company MMA Capital Management announced that its subsidiary, MMA Energy Capital, has closed a US$55 million financing facility with Conergy that will be utilised for the construction of its 36MW North Carolina solar portfolio.
MMA Energy reached the financial close through its joint venture alternative asset manager, Fundamental Advisors.
This new set of financing will assist Conergy in developing the first group of assets that it will maintain under its new initiative to become a solar independent power producer (IPP). Conergy will build, own and operate these seven projects and sell the energy to Duke Energy Carolinas through a 15-year power purchase agreement (PPA).
Bob Hopper, managing director of MMA Energy Capital, said: “We are extremely pleased to complete this transaction with Conergy, one of the pioneers in the solar energy space, and this project will provide the residents of North Carolina with clean, reliable electric power for many years.”
Yann Brandt, Conergy's regional head of the Americas, added: “As we grow our asset ownership, Conergy is thrilled to build out our North Carolina project portfolio with MMA Energy Capital's facility. This financing further validates our bankability and access to capital for projects.”
Conergy commenced construction on the seven projects in September, with the entire portfolio expected to be completed in early 2016.