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FuelCell Energy announces $100+M construction loan facility with Generate Capital

FuelCell Energy, Inc. has signed a project finance facility with Generate Capital. The facility will be used by FuelCell Energy to finance the construction, installation and commissioning of the company’s current and future project backlog and awards.

Under the terms of the agreement, FuelCell Energy will submit projects to Generate Capital over a 36-month period. Once an individual project is funded, the construction loan will remain outstanding until the project becomes commercially operational. The facility structure provides for aggregate principal commitments up to $100 million, with accordion features enabling expansions up to $300 million, if certain performance criteria are met, subject to funding availability.

The initial draw amount under this facility, funded at closing, is $10 million. The initial draw reflects loan advances for the first approved project under the facility, the Bolthouse Farms five-megawatt project in California. Additional drawdowns are expected to take place as FuelCell Energy completes certain project milestones.

The company expects to use this project finance facility to fund the construction of its utility-scale backlog, including the three projects totaling 39.8 MW with PSEG Long Island (LIPA) and the two projects awarded pursuant to the Connecticut DEEP RFP, totaling 22.2 MW.

FuelCell Energy designs, manufactures, undertakes project development of, installs, operates and maintains megawatt-scale fuel cell systems, serving utilities and 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.

Comments

HarveyD

Interesting developer of current and future high efficiency (70% round trip) clean energy systems with good potential for growth with the arrival of more REs and H2 vehicles?

HarveyD

E-P should take note of this new developer/industry. Many (similar) will pop up and produce enough clean energy and H2 for 10,000,000 to 100,000,000+ homes & FCEVs within a few short years?

The future for low cost clean abondant energy is with REs, Electrolysers, H2 and FCs?

SJC

Using the waste heat for process is smart.
Bolthouse Farms is owned by Campbell's soup.

HarveyD

Factory mass produced, modular units in transportable containers, installed close to REs farms, could produce e-energy to extend availability 24/7 from REs and store-produce clean H2 for local industries an FCEVs

Most, if not all surplus energy (not used in real time) from REs, could be used to produce and store-distribute clean H2. In turn and when required, some of the stored H2 could be used to produce clean e-energy for 24/7 operations.

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