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FuelCell Energy Closes Tax Equity Financing with East West Bank for the 7.4 MW U.S. Navy Submarine Base Fuel Cell Project
DANBURY, Conn., Aug. 09, 2021 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in fuel cell technology with a purpose of utilizing
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"DANBURY, Conn., Aug. 09, 2021 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy—announced today that the Company closed on a tax equity financing transaction with East West Bank for the 7.4 megawatts (“MW”) fuel cell project located on the U.S. Navy Submarine Base in Groton, CT, also known as the Submarine Force. East West Bank’s tax equity commitment totals $15 million. We believe that this commitment further demonstrates the market’s interest in financing FuelCell Energy’s distributed sustainable energy platforms as the Company works with customers to achieve their decarbonization and enhanced grid resiliency goals. “We are thrilled to team up with East West Bank, partnering on this important financing solution and supporting our commercial platform deployment,” said Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy. “This efficient financing enables FuelCell Energy to retain most of this project’s long-term, recurring cash flow, and creates a structure that will facilitate additional capital opportunities that are expected to further return cash to the Company and enhance overall return on equity for this project.” The Company continues to advance the project through mechanical completion and expects commercial operation to commence prior to the end of September 2021. Following commercial operation, the Company expects to add back-leverage debt financing to complete the project’s capital structure. “East West Bank is delighted to partner with FuelCell Energy on the fuel cell project located on the U.S. Navy Submarine Base in Connecticut,” said Christopher Simeone, Senior Vice President with East West Bank. “As a leader in financing clean and alternative energies, we look forward to seeing the U.S. Navy and the Groton community benefit from this important project.” “The U.S. Navy Submarine Base project is a milestone project for FuelCell Energy, demonstrating our high quality and reliable clean energy solution that enables electrical resiliency with the country’s most critical infrastructure, while supporting the Navy’s decarbonization goals” said Jason Few, President and Chief Executive Officer, FuelCell Energy. “Th...