MMA Capital Management LLC has entered into an agreement with an affiliate of TSSP, a special situations investment platform, to form a solar lending joint venture. The joint venture will operate under the name Renewable Energy Lending LLC (REL) and will provide financing for the construction and ongoing operations of solar power projects located throughout North America.
MMA Energy Capital LLC, a wholly owned subsidiary of MMA Capital, will provide loan origination and administrative services to REL. Kimberlite Advisors LLC served as financial advisor in the formation of the joint venture.
Michael Falcone, MMA Capital Management’s CEO, states, “We are pleased to announce another step in the growth of our overall energy capital platform. With this opportunity, we are adding a world-class capital partner to our renewable energy capital business. When combined with our ongoing relationship with Fundamental Advisors, we think this new venture will allow us to grow our origination platform across multiple product types within the solar lending space and allow us to deploy capital at attractive rates of returns.”