LAKEWOOD, Colo., Oct 22, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Continuum Lakewood Development Company, in association with MMA Renewable Ventures, a subsidiary of Municipal Mortgage & Equity, LLC (Pink Sheets: MMAB), Oak Leaf Energy Partners and SunPower Corporation (Nasdaq: SPWRA, SPWRB), is dedicating today a 1.75-megawatt solar power system that has been constructed on three parking garages at the Belmar mixed-use development in Lakewood, Colo. It is one of the largest solar parking structures in the Western U.S.
"This solar project delivers on the Colorado promise of the 'New Energy Economy,' which is establishing Colorado as a leader in renewable energy and creating jobs throughout the state," said Colorado Gov. Bill Ritter. "I congratulate Continuum for its leadership and call upon developers and business owners throughout the nation to follow the example we've set here in Lakewood."
Gov. Ritter, as well as U.S. Sen. Ken Salazar, Congressman Ed Perlmutter, Lakewood Mayor Bob Murphy and other regional dignitaries, will attend the dedication ceremony today.
MMA Renewable Ventures, which owns and operates the 1.75-megawatt system, joined with Continuum Partners and SunPower to develop an innovative partnership, leveraging tax credits and incentives to finance this landmark solar power system. The partnership enabled the City of Lakewood and Belmar to deploy the solar parking structure under a long-term electricity power contract, or power purchase agreement (PPA). The electricity is competitively priced against retail rates, providing Belmar with a long-term hedge against rising peak power prices.
The Belmar solar parking structure was designed and installed by SunPower, using more than 8,000 SunPower solar panels, which are the highest efficiency panels on the market today. The solar parking structure supports Colorado's commitment to environmental sustainability by reducing carbon emissions into the atmosphere by almost 4 million pounds each year.
"Our decision to partner with Oak Leaf Energy Partners, MMA Renewable Ventures and SunPower was a key factor to the success of this project," said Mark Falcone, Continuum managing partner. "For a project of this scope and complexity, we have been well served by teaming up with the largest and most experienced partners in the sector."
The Belmar solar project is part of the Xcel Energy Solar Rewards Program and will receive a rebate to offset the upfront construction costs. Xcel Energy will purchase the renewable energy credits from the clean electricity produced in support of Colorado's Renewable Energy Standard, which requires large utilities to generate 20 percent of their power from renewable energy sources by 2020.
About Continuum Partners, LLC
Continuum Partners is a Denver based real estate development company born from the belief that there is a connection between long-term, sustained property value and high-quality urban design. Continuum combines an experienced real estate development team with a solid base of capital resources to develop projects that demonstrate the principles of smart-growth. Continuum Partners, LLC metro-Denver projects include: Bradburn, Belmar, Art House Townhomes, Belleview Station and Union Station.
Belmar, located 10 minutes from downtown Denver at South Wadsworth Boulevard and West Alameda Avenue in Lakewood, Colo., is a walk-able community that includes 70 shops and 14 restaurants, entertainment, cultural activities, homes, offices and ample free parking. Belmar is dedicated to the responsible use of limited natural resources and the reduction of energy use. In addition to the development's new solar power system, the Belmar district features a small urban wind farm with 14 turbines powering lighting for a large parking lot as well as solar powered pay-and-display parking kiosks used to manage 350 on-street parking spaces. For more information, visit http://www.belmarcolorado.com or call 303-742-1520.
About MMA Renewable Ventures
A wholly-owned subsidiary of Municipal Mortgage & Equity, LLC (OTC: MMAB.PK), MMA Renewable Ventures is a provider of renewable energy to businesses, utilities and government. The company develops, finances, owns and operates solar, wind, biomass and energy efficiency projects that provide clean power to our customers without capital investment or maintenance 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. Our team of engineers, financiers and project managers are passionate about building a sustainable future. For more information, visit http://www.mmarenewableventures.com.
About Oak Leaf Energy Partners
Oak Leaf Energy Partners was founded in 2005 to provide project development and consulting services for renewable energy transactions. The company helps property owners deploy solar and other renewable energy derived power across their portfolio of buildings and properties. Oak Leaf Energy Partners ("OEP") provides full turnkey development solutions, including feasibility studies, site planning and interconnection analysis, tax and financial structuring and negotiating financing and EPC contracts. Since its founding, the Company has emerged as one of the largest and most active solar energy developers in the Rocky Mountain West, with a growing regional and international footprint and pipeline.
SunPower Corporation (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit http://www.sunpowercorp.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not represent historical facts. The companies use words and phrases such as "rising," "reducing," and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the companies' plans and expectations regarding: (a) the electricity produced by the system being competitively priced against retail rates and providing Belmar with a long-term hedge against rising peak power prices; and (b) the solar parking structure reducing carbon dioxide emissions into the atmosphere by almost 4 million pounds each year. These forward-looking statements are based on information available to the companies as of the date of this release and management's current expectations, forecasts and assumptions, and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond the companies' control. In particular, risks and uncertainties that could cause actual results to differ include: (i) actual electricity generation; (ii) the actual energy consumption rate; (iii) unexpected changes in utility service rates; (iv) variations in carbon dioxide emissions reductions; and (v) other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended June 29, 2008, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the companies' views as of any subsequent date, and the companies are under no obligation to, and expressly disclaim any responsibility to, update or alter their forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corporation
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