U.S. Air Force Completes Nation's Largest Solar PV System

Yesterday the U.S. Air Force celebrated the completion of North America’s largest solar photovoltaic system at Nellis Air Force Base. A joint project of the U.S. Air Force, MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC (NYSE: MMA), SunPower Corporation (Nasdaq: SPWR), and Nevada Power Company, the 14 megawatt (MW) Nellis solar energy system will generate more than 30 million kilowatt-hours (kWh) of clean electricity annually and supply approximately 25% of the total power used at the base, where 12,000 people live and work.

Covering 140 acres of land at the western edge of the Nellis base, the photovoltaic system comprises 72,000 solar panels.

Combining technology and systems expertise from SunPower Corporation and financing by MMA Renewable Ventures with discounted purchase commitments by the U.S. Air Force, the Nellis solar energy system demonstrates that the U.S. government’s goals for enhancing security through energy independence can be met both economically and practically when the public and private sectors work together.

SunPower Corporation designed and built the photovoltaic power plant using its proprietary single-axis SunPower® T20 Tracker solar tracking system.

MMA Renewable Ventures, LLC has financed and will operate the solar power plant, selling electricity to Nellis Air Force Base at a guaranteed fixed rate for the next 20 years. Nevada Power will support the project by purchasing Renewable Energy Credits (RECs) generated by the solar array. MMA Renewable Ventures closed a fund for the system earlier this year with financing commitments from Citi, Allstate, and John Hancock Financial Services, with Merrill Lynch providing construction financing.

"This solar project at Nellis is a first step of many toward making renewable electricity integral to the operations of the U.S. Air Force," said Assistant Secretary Anderson. "As the largest consumer of energy in the federal government, the Air Force is well-positioned to promote both solar technology and new approaches to its implementation. This pioneering initiative is a good example of how a creative approach to public-private partnership can make our energy supply more sustainable, more secure and more affordable."

Nevada Governor Jim Gibbons said, "The best way to secure a healthy and prosperous economy is to develop our affordable, reliable local resources. With these 14 megawatts, Nellis Air Force Base is leading the country in solar energy deployment, a move that is good for the environment and our nation’s energy security alike."