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Fotowatio to Acquire MMA Renewable Ventures

Fotowatio, a Spanish solar power producer, has agreed to purchase the core US solar power assets – including the largest US solar photovoltaic installation, at Nellis Air Force base – of San Francisco-based MMA Renewable Ventures, a wholly owned subsidiary of Municipal Mortgage & Equity, LLC.

Upon completion of the sale, Fotowatio reports that it will own 35 megawatts of solar projects in operation and more than 400 megawatts in development in the United States.

Fotowatio has invested more than $880 million (700 million euros) in solar projects since 2006 and plans to invest up to $3.2 billion (2.5 billion euros) by 2012 in Spain, Italy and the United States. Following completion of the acquisition of MMA Renewable Ventures, Fotowatio’s global portfolio will include more than 130 megawatts of operating solar projects in the United States and Spain and more than 1,000 megawatts under development across the United States, Spain and Italy.

Fotowatio’s US business unit plans to focus exclusively on the development of commercial- and utility-scale solar projects throughout the United States. As an independent solar power producer, Fotowatio Renewable Ventures will develop, own and operate solar power plants and provide clean electricity to its customers under long-term contracts.

Fotowatio’s purchase of MMA Renewable Ventures’ solar platform is its third in the past seven months. In January 2009, Fotowatio acquired a 6.3 MW solar project in Spain from Solaria. In September 2008, Fotowatio acquired from Corporación Gestamp four solar photovoltaic power plants producing 32 megawatts in Spain. Fotowatio’s shareholders include Qualitas Venture Capital (33.5%), GE Energy Financial Services (32%), Grupo Corporativo Landon (17.5%) and the management team (17%).