Suntech Power and MMA Renewables Partner For Solar Utility Venture

SAN FRANCISCO, Oct. 2 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's leading manufacturer of photovoltaic (PV) modules, and MMA Renewable Ventures, a subsidiary of Municipal Mortgage & Equity, LLC (Pink Sheets: MMAB), today announced the creation of Gemini Solar Development Company (Gemini Solar), a joint venture to develop and finance photovoltaic projects 10 megawatts and larger. MMA Renewable Ventures, Suntech, and their third-party finance partners will co-own and operate the projects built by Gemini Solar. With quality photovoltaic product and solar financing expertise in place, Gemini Solar will provide an end-to-end solution to address the growing demand for large-scale solar power projects as the U.S. increases its efforts towards energy independence. Kristina Peterson, Suntech's Director of Structured Finance, will serve as Gemini's President.

"Utility and other large-scale, distributed solar power systems are emerging as one of the fastest growing segments of the solar industry. Gemini Solar combines the key strengths of two highly experienced organizations," said MMA Renewable Ventures CEO Matt Cheney. "MMA Renewable Ventures brings structured finance expertise and an unparalleled track record in developing and delivering quality renewable energy projects in the U.S., including the nation's largest photovoltaic project to date, the 14 megawatt Nellis Air Force Base project in Nevada. We are pleased to be working with Suntech, an international innovator in solar which brings high quality manufacturing, large-scale module supply, advanced solar solutions and global presence to the joint venture. Together, we will enable investors to finance low risk, reliable solar power projects, while helping utilities, industry and government secure reliable, renewable energy right
away."

"Suntech views the long-term prospects for the U.S. solar market as excellent and growing," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "Combining our ability to execute with MMA Renewable Venture's proven success in financing and developing large-scale solar projects will enable us to bring high quality utility-scale solar projects online rapidly, economically and efficiently. The collaboration of Suntech and MMA Renewable Ventures will bring great value to investors and others associated with the projects. Suntech is pleased to give increased confidence to energy customers through our intention to take long-term ownership stakes in projects pursued by the joint venture."

"Gemini Solar combines the forces of two of the most experienced renewable energy companies in the world. 'Gemini' refers to the fact that the two firms share the same vision about how the U.S. solar market will develop and grow," said Kristina Peterson, President of Gemini Solar. "Working together, the joint venture will develop large-scale solar energy installations to help address the critical need for renewable power generation to represent a greater portion of our national energy portfolio."