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FuelCell Energy Inc. Announces New $200 Million Strategic Corporate Loan Facility with Orion Energy Partners
Supports execution of current inflight projects and provides capital for future growthRefinances existing debt and enables payment of dividend
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Supports execution of current inflight projects and provides capital for future growthRefinances existing debt and enables payment of dividend obligationsProvides continued financial flexibility to support FuelCell Energy’s long-term strategy DANBURY, Conn., Nov. 06, 2019 (GLOBE NEWSWIRE) -- Today, FuelCell Energy, Inc. (Nasdaq: FCEL), a leading clean energy company, announced a new, 8-year $200 million strategic corporate loan facility with Orion Energy Partners. The Company is planning to leverage the initial October/November 2019 draws totaling $80 million to primarily support execution of certain projects within the Company’s $2 billion project backlog. The balance of the Facility, or $120 million, will be available over the first 18 months to invest in strategic growth, providing working capital as needed.\n Specifically, $80 million of the Facility will be deployed toward: Current construction and engineering costs associated with inflight projects, specifically Tulare BioMAT, Bolthouse Farms and the CMEEC U.S. Navy Base fuel cell plant Future growth, including commencing the construction of the first of three FuelCell projects with LIPA Increasing FuelCell Energy’s unrestricted cash balance through the monetization of the Company’s project portfolio and repayment of all short-term outstanding construction loan facilities Funding outstanding dividends for Series B Preferred shareholders “We are pleased to close the new Facility with Orion Energy Partners. This successful transaction underscores the confidence Orion Energy Partners has in FuelCell based on its deep understanding of our business and our strategy, as well as the importance of the role our proprietary fuel cell technology plays in delivering a clean energy future,” noted Jason Few, President and Chief Executive Officer of FuelCell Energy. “With this partnership, we have strengthened our balance sheet and have the funding we need to complete construction of several projects in process, continue to execute on our $2 billion backlog and project awards while driving new sales growth, all of which will generate strong cash flow.” “We are pleased to announce this new partnership with FuelCell Energy, and look forward to supporting their continued growth as a world leader for reliable, low carbon, base-load distributed power generation,” said Gerrit Nicholas, Co-Foun...