EWING, N.J., March 5, 2008 (PRIME NEWSWIRE) -- WorldWater & Solar Technologies Corp. (OTCBB:WWAT), developer and marketer of proprietary high-power solar systems, has broken ground on the 2-Megawatt solar system for Denver International Airport (DIA). The solar installation will supply 3.5 million kilowatt-hours of clean energy annually for the airport and is valued at over $13 million. Since first announced last year, the project faced some unavoidable delays but is now scheduled for completion by August, in time for the Democratic National Convention. DIA is the fifth busiest international airport in the U.S. and served nearly 50 million passengers in 2007.
The groundbreaking ceremony was attended by representatives from WorldWater, DIA and MMA Renewable Ventures LLC, a subsidiary of Municipal Mortgage & Equity. MMA is financing the solar installation and will own and operate the system. In addition to reducing DIA's electric costs, the WorldWater solar system will eliminate more than 5 million pounds of carbon dioxide from the air every year for a minimum of 25 years.
WorldWater & Solar's ground mounted photovoltaic or "PV" solar arrays will be located at the entrance to DIA's main terminal on approximately 7.5 acres of otherwise unusable land. It will utilize a state-of-the-art single-axis tracking system that follows the sun throughout the day for greater efficiency and energy production. A similar system is currently being installed by WorldWater at Fresno Yosemite International Airport in Fresno, CA.
"The WorldWater project will give Denver International Airport one of the largest airport solar energy systems in the country," said Denver Mayor John Hickenlooper. "It's an innovative alternative-energy project that will save money on electricity and substantially reduce our carbon dioxide emissions at DIA. It's a perfect fit within our Greenprint Denver action agenda for sustainable practices. We look forward to having it up and running this summer."
Quentin T. Kelly, Chairman and CEO of WorldWater, commented, "Thanks to our major solar installations at DIA and also at Fresno International, WorldWater has become the leading solar contractor of airports in the U.S. Our expertise in solar energy generation and integrated systems design makes us well suited to address the complex power needs of a major transportation hub like Denver International, while significantly reducing electric costs and helping improve air quality."
"With its longstanding commitment to sustainable operations and environmental protection, the solar energy system will serve DIA as a highly visible environmental statement to the millions of passengers that travel through our airport each month, including visitors to the Democratic National Convention who will be here in August," said Turner West, Aviation Manager for Denver International Airport.
About WorldWater & Solar Technologies Corp.
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that can drive motors and pumps up to 1000 hp and provides solutions to a broad spectrum of the world's electricity and water supply problems, including the capability of driving 1000 hp motors and pumps from sunshine independently or in conjunction with the electric grid. For more information about WorldWater & Solar Technologies Corp., visit the website at www.worldwater.com.
About MMA Renewable Ventures
A wholly-owned subsidiary of Municipal Mortgage & Equity, LLC ("MuniMae") (NYSE:MMA), MMA Renewable Ventures finances, owns and operates renewable energy and energy efficiency assets in the United States. The Company provides leases, Power Purchase Agreements and other customized financial solutions to help its customers manage energy costs. MMA Renewable Ventures is dedicated to delivering competitively priced, clean energy and energy savings to customers, strong partnership options for project developers, and exceptional opportunities for institutional investment in the clean energy sector. For more information about MMA Renewable Ventures, visit http://www.mmarenewableventures.com.
About Denver International Airport
Denver International Airport opened in 1995 and was the nation's first all-new airport in more than 20 years. DIA is the fifth-busiest airport in the United States and 10th-busiest in the world. 22 airlines serving DIA provide nonstop service to nearly 150 destinations in the United States, Mexico, Canada, and Europe. DIA is renowned for its commitment to efficiency, safety and environmental protection.