FuelCell Energy Announces Approval by the Connecticut Green Bank of Financing for a 3.7 Megawatt High Efficiency Utility-Scal...
March 14 2017 - 8:30AM
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, today announced the
approval of a $5 million credit facility from the Connecticut Green
Bank. This credit facility will support a previously
announced utility scale power project in Danbury, Connecticut that
will showcase industry leading electrical efficiency, enabling
utilities to affordably and cleanly solve power generation
challenges in land-constrained areas.
“The Danbury fuel cell project is a great example of Connecticut
innovation at work,” said Bryan Garcia, President and Chief
Executive Officer, Connecticut Green Bank. “Our ongoing
collaboration with FuelCell Energy, and this project in particular,
creates a triple-win for the state; increasing power reliability,
grid resiliency, and of course, economic development in
Connecticut.”
“Our Connecticut-based team of scientists, engineers and
manufacturing technicians are focused on addressing power
generation challenges globally, and receiving the support of the
Connecticut Green Bank for a project in our local market is very
gratifying,” said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy. “Our distributed generation
solutions, such as this high efficiency power plant project,
address energy, environmental and economic policy goals of
utilities and governments.”
The credit facility will be funded upon commercial operations of
the project and is secured by revenues from the sale of
electricity, renewable energy credits (RECs), and capacity.
The 20 year amortizing facility bears a fixed interest rate.
Construction is currently in process and commercial operation is
expected in the summer of 2017. The credit facility is subject to
execution of definitive documentation and customary closing
conditions of the Green Bank.
Multi-megawatt fuel cell installations solve power generation
challenges as the combination of near-zero pollutants, modest
land-use needs, and the quiet operating nature of fuel cell power
plants facilitates their siting in urban locations. Fuel
cells provide predictable and environmentally friendly power
generation with virtually zero nitrogen oxide (NOx) that causes
smog, sulfur dioxide (SOx) that contributes to acid rain, or
particulate matter (PM) that aggravates asthma, and the power is
delivered with a low carbon footprint. Generating the power
near where it is used, enhances the resiliency of the grid and
avoids the cost and losses associated with transmission.
Given their high capacity factor, fuel cells help governments and
utilities make meaningful contributions to clean / renewable
portfolio standards goals.
About Connecticut Green BankAs the Connecticut
Green Bank, we innovate, educate and activate to accelerate the
growth of green energy. We partner with private-sector investors to
create low-cost, long-term, sustainable financing to implement
green energy measures in the residential, commercial, industrial,
institutional and infrastructure sectors. The model works. We
are deploying more clean energy more quickly and efficiently than
ever, while making optimal use of public funding. Learn more
http://www.ctgreenbank.com/
About FuelCell EnergyFuelCell Energy
(NASDAQ:FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities,
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader with
environmentally responsible power solutions. Visit us online
at www.fuelcellenergy.com and follow us on Twitter.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Source: FuelCell Energy
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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