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FuelCell Energy Closes Tax Equity Financing with Franklin Park for the 7.4 MW LIPA Yaphank Fuel Cell Project
DANBURY, Conn., Dec. 15, 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., Dec. 15, 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 Franklin Park for the 7.4 megawatts (“MW”) fuel cell project located in Yaphank, Long Island, in New York (the “Project”). Franklin Park’s tax equity commitment totals $12.7 million following the recent declaration of mechanical completion of the Project. “We are thrilled to team up with Franklin Park, a new tax equity finance partner for FuelCell Energy, with an important financing solution that enables the Company to effectively monetize the investment tax credit associated with this project,” said Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy. “Importantly, 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 following mechanical completion and expects commercial operation to commence prior to the end of December 2021. Following commercial operation, the Company expects to add back-leverage debt financing to complete the project’s capital structure. “This multi-year tax equity commitment to FuelCell Energy, which also encompasses a potential second project targeted for completion in 2022, represents the fourth tax equity developer commitment for Franklin Park,” said Kevin Lapidus, Chief Investment Officer for Franklin Park. “We look forward to continuing to expand our tax equity investment footprint.” Raj Mehta, Principal at Franklin Park, added, “Franklin Park is delighted to partner with FuelCell Energy on this fuel cell project that will provide needed clean and resilient electricity to central Long Island.” “The project is a milestone project for FuelCell Energy, our first fuel cell deployment in New York, enabling electrical resiliency and needed clean base load power delivered right at the point of use, reducing above ground risk associated with transmissi...