Fundamental Advisors has closed its previously announced buyout of MMA Capital Holdings Inc, a provider of debt financing for renewable energy projects. The deal is valued at about $162 million. Houlihan Lokey served as financial advisor to Fundamental while Sidley Austin LLP served as legal advisor.
NEW YORK – August 13, 2021 — An affiliate of Fundamental Advisors LP (together, “Fundamental”), a leading alternative asset manager focused on municipal, public purpose and community assets, today announced that it is has completed its previously announced acquisition of MMA Capital Holdings (the “Company”), an infrastructure finance company focused on providing debt financing for renewable energy projects, in an all-cash transaction valued at approximately $162 million.
With the completion of the transaction, Fundamental will be well positioned to capitalize on the growing shift toward renewable energy, allowing the platform to better meet the financing needs of renewable energy developers, owners and operators throughout the country.
Following the transaction, the Company’s team will operate as Fundamental Renewables, the newly established renewable and clean energy investment arm of Fundamental. The team will continue to focus on growing its core solar development and construction lending strategy, with the added flexibility provided by the Fundamental platform to offer new and complementary financing solutions outside of its traditional solar lending business. Bob Hopper, the Founder of the Company’s renewables business, MMA Energy Capital, will join Fundamental Renewables and will continue to oversee the long-term strategic direction of the platform.
“This is an exciting next step for the unique business we have been building, and we could not have asked for a better platform to support our team and our customers in the next phase of our evolution,” said Mr. Hopper. “In the next decade, the demand for solar installations is expected to grow rapidly. We are confident this transaction will enhance our capability to offer more efficient and flexible financing solutions across a broader array of renewable energy asset classes to meet the needs of existing and new customers alike.”
“Having known and worked with Bob and his team for a number of years, we are excited to move forward together in pursuit of our shared vision of generating attractive risk-adjusted returns for our investors while promoting the development of clean energy,” said Laurence Gottlieb, Chairman and CEO of Fundamental. “In the midst of growing demand for renewable energy solutions and an increasingly environmentally conscious nation, this transaction positions Fundamental as an industry leader at the forefront of the renewable energy financing sector.”
Houlihan Lokey served as financial advisor, and Sidley Austin LLP served as legal advisor to Fundamental.
About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to municipal, public purpose and community assets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in the secondary market. Fundamental invests through a range of vehicles that capitalize on the growing opportunity set in the municipal market. For more information, please visit www.Fundamental.com.