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FuelCell Energy Closes Tax Equity Sale-Leaseback Financing for the 2.8 MW Tulare BioMAT Fuel Cell Project with Crestmark
DANBURY, Conn., Feb. 13, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), the global leader in molten carbonate fuel cell technology with its
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"DANBURY, Conn., Feb. 13, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), the global leader in molten carbonate fuel cell technology with its purpose being to utilize 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 sale-leaseback financing transaction for the 2.8 MW Tulare BioMAT Project in Tulare, California with Crestmark Equipment Finance (“Crestmark”), a division of Metabank®. Crestmark’s commitment totals $14.4 million through a ten-year sale-leaseback structure and further demonstrates the market’s interest in FuelCell Energy and our sustainable energy platforms. \n “We are thrilled to team up with Crestmark to add this important financing solution to our commercial deployment platform,” said Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy. “Financing from Crestmark broadens FuelCell Energy’s financing relationships. Crestmark has a deep understanding of the quality solutions delivered by our products, including carbon neutral projects directly leveraging on-site biofuels. This efficient sale-leaseback financing structure enables FuelCell Energy to retain the Tulare BioMAT project in our generation portfolio, enhancing the Company’s recurring cash flows and margin.” Adding this operating asset to the Company’s generation portfolio is expected to yield recurring revenue in excess of $2.5 million per year and increases the Company’s operating assets to 28.9 MW. The Company has another 44.3 MW in backlog, in various stages of development and construction with commercial operation dates ranging from 2020 through 2022. “Crestmark is excited to add FuelCell Energy to our growing list of clean tech and alternative energy clients,” said Jon Ellis, Renewable Energy Vice President of Crestmark. “Crestmark is committed to all forms of alternative energy, dedicating resources to build expertise and deliver customized financial solutions to the energy industry. As a leader in megawatt scale class deployments of clean, efficient baseload power plants, FuelCell Energy is an important alliance for us, and we look forward to developing this relationship further.” Prior to FuelCell Energy’s SureSource™ Combined Heat and Power (CHP) Power Plant being installed, the Tulare wastewater ...