MMA Renewable Ventures and DT Solar Complete 600kW Solar Energy System for Estee Lauder Companies
April 18 2007 - 8:00AM
PR Newswire (US)
Estee Lauder to Host Photovoltaic System at Aramis Facility
OAKLAND, N.J., April 18 /PRNewswire/ -- 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). 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/. About DT Solar DT Solar, a
Turner Renewable Energy Company, develops large-scale solar and
renewable energy generation facilities serving commercial,
institutional and utility businesses through out the USA. Visit
http://www.dtsolar.com/ for more information. About Estee Lauder
Companies Inc. The Estee Lauder Companies Inc. is one of the
world's leading manufacturers and marketers of quality skin care,
makeup, fragrance and hair care products. The Company's products
are sold in over 130 countries and territories under
well-recognized brand names, including Estee Lauder, Aramis,
Clinique, Prescriptives, Origins, MA-AA-C, Bobbi Brown, Tommy
Hilfiger, La Mer, Donna Karan, Aveda, Jo Malone, Bumble and bumble,
Darphin, Michael Kors, Rodan + Fields, American Beauty, Flirt!,
Good Skin(TM), Donald Trump the Fragrance, Grassroots, Sean John,
Missoni and Daisy Fuentes. Visit http://www.esteelauder.com/ for
more information. DATASOURCE: MMA Renewable Ventures, LLC CONTACT:
For The Estee Lauder Companies: Sally Susman, Executive Vice
President, Global Communications, 212 572-4430 , or Dennis
D'Andrea, Vice President, Investor Relations, 212 572-4384,; or for
DT Solar: Marc Roper, 530-308-3714, ; or for MMA Renewable
Ventures: Rosalind Jackson, 415-977-1923, Web site:
http://www.renewableventures.com/ http://www.esteelauder.com/
http://www.dtsolar.com/
Copyright