BALTIMORE, United States | MMA Energy Capital —
MMA Capital Management’s subsidiary, MMA Energy Capital, has closed a construction loan with one of the largest renewable developers in the world to finance the construction of a solar power project to provide power to the subsidiary of a NASDAQ 100 company located in Puerto Rico.
“Solar continues to grow in Puerto Rico given the extremely high cost of power and the desire to move away from diesel generation. While the Puerto Rico government has had some credit challenges, the private sector remains a robust market with limited credit risk for the right power buyers, and this is where we’ve focused our solar lending activities,” Bob Hopper, Managing Director of MMA Energy Capital stated.
Kevin Panzica, Vice President, MMA Energy Capital added, “Electricity costs in Puerto Rico exceed thirty cents a kilowatt hour for business customers and solar is increasingly becoming not only a mechanism for real cost savings but also a hedge against future cost escalations for private companies.”