3 Phases Energy, LLC, and MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC (MuniMae: NYSE: MMA), announced a collaborative effort to develop the largest solar energy vineyard project in the United States at Fetzer Vineyards.
MMA Renewable Ventures, a specialist in innovative renewable energy project finance, and 3 Phases Energy, a renewable energy developer and marketer, will deliver the solar energy system.
The 901-kilowatt photovoltaic (PV) project will be positioned on the roofs of the bottling facility and Red Wine Barrel Room at Fetzer’s Hopland, California winery. Generating 1.1 million kilowatt hours of electricity annually, the installation will supply 80 percent of the bottling plant’s electricity needs.
“As one of the first and only wineries to purchase 100 percent clean power, Fetzer has a long-standing tradition of pioneering environmentally sound business practices,” said Steve Dorfman, Chief Winery Officer for Brown-Forman. “Building one of the largest solar energy arrays in the country as a green power solution is perfectly in line with Fetzer’s business objectives and commitment to sustainability.”
The Fetzer solar energy system is the first project to be financed through MMA Renewable Ventures’ solar fund, a vehicle for institutional investment in renewable energy projects nationwide. Deploying the proceeds through its proprietary third-party financing model, MMA Renewable Ventures works with solar energy developers such as 3 Phases Energy to offer customers predictably priced clean energy while avoiding the costs of installation and ongoing system maintenance. MMA Renewable Ventures will finance, operate, and maintain the generation facility and sell the power to Fetzer under the terms of a Solar Services Agreement (SSA) that sets the electricity costs at a fixed rate. Construction will begin in late July, with completion in October.
“We have had great success collaborating with key solar industry players to provide solar energy services to their customers, companies that do not want to be in the energy business to gain access to clean, predictable power,” said Matt Cheney, CEO of MMA Renewable Ventures. “The value proposition is so great that I believe the model we’re seeing Fetzer put into action today represents the future of solar energy deployment in the corporate community as well as the public sector where it puts previously inaccessible tax incentives into play.”
3 Phases Energy, as both a project developer and green power marketer, has helped Fetzer achieve its renewable energy goals since 2002, providing both green power and renewable energy certificates to Fetzer’s Hopland facility. 3 Phases Energy’s development of this large solar array will enable Fetzer to produce the majority of its power onsite. This represents the first project commissioned under 3 Phases Energy’s Daylight Savings service, a solar energy development vehicle, enabled by third party capital and efficient management of the renewable energy credits (RECs), to secure 100 percent renewable energy for customers at an affordable, long term price.