MMA Renewable Ventures and Suntech Announce Gemini Solar Development Company, a Joint Venture to Develop, Own, and Operate Utili
October 02 2008 - 1:00AM
PR Newswire (US)
SAN FRANCISCO, Oct. 2 /PRNewswire/ -- Suntech Power Holdings Co.,
Ltd. (NYSE:STP), the world's leading manufacturer of photovoltaic
(PV) modules, and MMA Renewable Ventures, a subsidiary of Municipal
Mortgage & Equity, LLC (Pink Sheets: MMAB), today announced the
creation of Gemini Solar Development Company (Gemini Solar), a
joint venture to develop and finance photovoltaic projects 10
megawatts and larger. MMA Renewable Ventures, Suntech, and their
third-party finance partners will co-own and operate the projects
built by Gemini Solar. With quality photovoltaic product and solar
financing expertise in place, Gemini Solar will provide an
end-to-end solution to address the growing demand for large-scale
solar power projects as the U.S. increases its efforts towards
energy independence. Kristina Peterson, Suntech's Director of
Structured Finance, will serve as Gemini's President. "Utility and
other large-scale, distributed solar power systems are emerging as
one of the fastest growing segments of the solar industry. Gemini
Solar combines the key strengths of two highly experienced
organizations," said MMA Renewable Ventures CEO Matt Cheney. "MMA
Renewable Ventures brings structured finance expertise and an
unparalleled track record in developing and delivering quality
renewable energy projects in the U.S., including the nation's
largest photovoltaic project to date, the 14 megawatt Nellis Air
Force Base project in Nevada. We are pleased to be working with
Suntech, an international innovator in solar which brings high
quality manufacturing, large-scale module supply, advanced solar
solutions and global presence to the joint venture. Together, we
will enable investors to finance low risk, reliable solar power
projects, while helping utilities, industry and government secure
reliable, renewable energy right away." "Suntech views the
long-term prospects for the U.S. solar market as excellent and
growing," said Dr. Zhengrong Shi, Suntech's Chairman and CEO.
"Combining our ability to execute with MMA Renewable Venture's
proven success in financing and developing large-scale solar
projects will enable us to bring high quality utility-scale solar
projects online rapidly, economically and efficiently. The
collaboration of Suntech and MMA Renewable Ventures will bring
great value to investors and others associated with the projects.
Suntech is pleased to give increased confidence to energy customers
through our intention to take long-term ownership stakes in
projects pursued by the joint venture." "Gemini Solar combines the
forces of two of the most experienced renewable energy companies in
the world. 'Gemini' refers to the fact that the two firms share the
same vision about how the U.S. solar market will develop and grow,"
said Kristina Peterson, President of Gemini Solar. "Working
together, the joint venture will develop large-scale solar energy
installations to help address the critical need for renewable power
generation to represent a greater portion of our national energy
portfolio." For more information on Gemini Solar Development
Company, please visit: http://www.geminisolar.com/. About MMA
Renewable Ventures A subsidiary of Municipal Mortgage & Equity,
LLC "MuniMae," (OTC:MMAB.PK), MMA Renewable Ventures develops,
finances, owns and operates renewable energy and energy efficiency
projects in the United States. The Company provides Power Purchase
Agreements (PPAs) and other customized financial solutions to help
its customers manage energy costs. MMA Renewable Ventures is
dedicated to delivering competitively priced, clean energy and
energy savings to customers, strong partnership options for project
developers, and exceptional opportunities for institutional
investment in the clean energy sector. For more information about
MMA Renewable Ventures, visit http://www.mmarenewableventures.com/.
About Suntech Suntech Power Holdings Co., Ltd. is the world's
leading solar energy company as measured by both production output
and capacity of solar modules. Suntech is passionate about
improving the environment we live in and dedicated to developing
advanced solar solutions that enable sustainable development.
Suntech designs, develops, manufactures, and markets a variety of
high quality, cost effective and environmentally friendly solar
products for electric power applications in the residential,
commercial, industrial, and public utility sectors. Suntech offers
one of the broadest ranges of building integrated PV products under
the MSK Solar Design Line TM and intends to offer thin film
products in 2009. Suntech has sales offices worldwide and is a
market share leader in key global solar markets. For more
information, please visit http://www.suntech-power.com/. Safe
Harbor Statement This press release contains forward-looking
statements. These statements constitute "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements, and includes the ability of the
joint venture to develop, finance and construct PV projects, the
ability of Suntech and MMA to form Funds to co-own and operate PV
projects and attract investors, and the growth of the renewable
energy market in the United States. Such statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
Suntech's filings with the U.S. Securities and Exchange Commission,
including its annual report on Form 20-F. Suntech does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under applicable law. DATASOURCE: MMA Renewable Ventures
CONTACT: U.S., Jeff Shubert, Director, Global Marketing Strategy,
+1-415-357-8527, , or China, Rory Macpherson, Investor Relations
Director, +86-21-6288-5574, , both of Suntech Power Holdings Co.,
Ltd.; or Sanjay M. Hurry, Vice President of The Piacente Group,
Inc., +1-212-481-2050, , for Investor Relations Counsel, Suntech;
or U.S., Stri Zulch, Vice President, Marketing, +1-510-339-1527, ,
For MMA Renewable Ventures Web site:
http://www.mmarenewableventures.com/ http://www.suntech-power.com/
http://www.geminisolar.com/
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