MMA Renewable Ventures, LLC, a subsidiary of Municipal Mortgage & Equity, LLC ("MuniMae," NYSE: MMA) and DT Solar, a Turner renewable energy company, today announced the installation of a 600-kilowatt solar energy system for the Estee Lauder Companies Inc (NYSE: EL – News). The newly completed photovoltaic system generates energy for Estee Lauder's manufacturing operations and helps contribute to a healthier environment. Located in Oakland, New Jersey, the project marks one of New Jersey's largest rooftop mounted solar installations as well the largest third-party solar energy supply contract in the state.
Designed and installed by DT Solar and owned by an investment partnership created by MMA Renewable Ventures, the new solar energy system incorporates more than 3,000 solar panels installed atop a facility that houses manufacturing for Estee Lauder's Aramis Brand. The project has the complete support of facility owner and operator Westminster Management. Expected to generate over 650,000 kilowatt-hours (kWh) annually, the solar energy system will offset production of more than 10,000 tons of carbon dioxide over its expected 25-year lifetime, the equivalent of approximately 34,000 barrels of oil being replaced by clean energy from the sun.
"Through this new solar energy system, Estee Lauder is taking action to combat climate change and environmental degradation while reducing its own exposure to volatile energy prices. The company is further blazing trails by enacting its clean energy commitment via a PPA, an innovative third party ownership model that is capable of shifting solar energy from a relatively niche market to routine corporate practice," says Ted Turner, owner of DT Solar. "As a premier developer partner to financial organizations like MMA Renewable Ventures, DT Solar is well-positioned to deliver on that market promise nationwide."
MMA Renewable Ventures provided turnkey financing for the project. Dedicated to delivering financial solutions that make clean energy cost- competitive, MMA Renewable Ventures now owns and operates the New Jersey system and sells the electricity generated to Estee Lauder under a long-term Power Purchase Agreement (PPA).
"The third party PPA model makes good business sense for forward-thinking organizations like Estee Lauder that are dedicated to promoting environmental stewardship," said Matt Cheney, CEO of MMA Renewable Ventures. "The Aramis plant will benefit from predictably-priced electricity supply without the need for Estee Lauder to commit upfront capital for the equipment and installation. We are proud to have worked with DT Solar to make one of New Jersey's largest solar energy systems a cost-effective one."
The decision to implement this project is part of the Estee Lauder Companies' ongoing commitment to protect the environment, as stated in the Company's corporate Global Environmental Policy. "With this new solar installation, we're promoting clean and renewable energy and the reduction of the harmful greenhouse gases produced by standard energy generation methods," said Malcolm Bond, executive vice president of global operations for Estee Lauder. He adds," A long-term commitment to renewable solar energy at our Aramis facility is a meaningful investment toward our mission of 'Bringing the Best to Everyone We Touch."
About MMA Renewable Ventures
A wholly-owned subsidiary of MuniMae, MMA Renewable Ventures manages, operates and finances renewable energy assets in the United States. The Company provides customized financial solutions through leases and Power Purchase Agreements to build distributed clean energy generation plants. MMA Renewable Ventures is dedicated to delivering competitively priced, clean energy for customers, strong partnership options for project developers, and exceptional opportunities for institutional investment in the renewable energy sector. For more information about MMA Renewable Ventures, visit http://www.mmarenewableventures.com.