Using Sunshine to Make Stencils: Stencil Ease Goes Solar

First commercial/industrial property in Old Saybrook to use C-PACE financing

 

Old Saybrook, Conn. (Oct. 7, 2019) – The Connecticut Green Bank and Greenho Enterprises are pleased to announce the closing of a financing agreement that will allow Stencil Ease, located at 7 Center Road West in Old Saybrook, to generate over 90 percent of their business electricity needs from a solar photovoltaic (PV) system on their roof. Stencil Ease is the largest specialty stencil manufacturing company in the United States, producing stencils from one-off custom to production runs in excess of 100,000 units.

“When I moved Stencil Ease to Old Saybrook in 1997, we bought our first piece of manufacturing equipment and have been vertically integrated ever since,” said Brian Greenho. “I sold the business to private equity in 2015 and the new owner group has built on the legacy of stencil manufacturing and being able to ship any of 55,000 items anywhere in the world in 24-48 hours. Through my commercial real estate and solar development company, Greenho Enterprises, LLC, I wanted to make an environmentally conscious decision to globally reduce overall consumption of fossil fuels.”

This 15,000 square foot state-of-the-art laser cutting facility is the first commercial/industrial business in town to use Commercial Property Assessed Clean Energy (C-PACE) financing provided by the Connecticut Green Bank. The 72 kilowatt (kw) system consisting of 208 roof top panels will be installed by Smart Roofs Solar of Newtown.

C-PACE allows property owners to install energy efficiency upgrades or renewables on their buildings without upfront costs using financing that is repaid through the town’s property tax billing system as a benefit assessment akin to a water or sewer assessment. Through C-PACE, energy savings projections help building owners to feel confident that expected savings should exceed their investment and result in positive cashflow. The project’s gross installed cost is $215,000, and the expected average annual energy cost savings over 20 years is estimated at about $20,000 a year. Stencil Ease is also a beneficiary of an Energy on the Line grant of $14,081, a program developed in partnership with the state’s Department of Economic and Community Development’s (DECD) Manufacturing Innovation Fund to provide Connecticut manufacturers with even greater net energy savings from a C-PACE project.

“Connecticut is home to many great manufacturers, from submarines to stencils and everything in between, and our C-PACE program is helping them reduce their energy costs,” said Mackey Dykes, Vice President of Commercial and Institutional Programs at the Connecticut Green Bank. “With a lower energy burden, these businesses can focus on their products and services, while increasing their bottom line.”

Greenho hopes to realize further green energy improvements to the property in the future.

“By 2021, the building will have electric vehicle charging stations enabling employees to charge their cars directly from the sun,” said Greenho.

 

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com. For information on C-PACE, please visit www.cpace.com.

About Stencil Ease

Stencil Ease is the largest specialty stencil manufacturing company in the USA. Since 1980, our focus and dedication to manufacturing stencils, be it large-scale industrial, custom stencil or decorative painting stencil, has separated us from all others. Our web site offers an unlimited selection of designs, sizes, material options and customization options. Learn more at https://www.stencilease.com/pages/about-us.

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Seabury Cooperative receives financing to preserve and improve their property

UHAB, HDF and the Connecticut Green Bank partner to provide technical assistance and financing to increase housing cooperative’s viability

 

New Haven, Conn. (Aug. 13, 2019) – The Urban Homesteading Assistance Board (UHAB) announces the closing of an initial loan that is the first installment of a more than $500,000 operating bridge loan for Seabury Cooperative. Located at the corner of Elm and Howe Streets in New Haven, Seabury Cooperative is a two-building complex with 88 affordable apartments. The UHAB financing also allows the Housing Development Fund (HDF) and the Connecticut Green Bank to provide further pre-development financial support for energy- and health/safety-related design and improvements. Together, this financing will help preserve important affordable housing in the city by increasing occupancy, improving the property, and reducing energy costs.

“Creating and preserving cooperative housing like Seabury is our mission” said Andrew Reicher, Executive Director of UHAB. “We are excited that our training, technical assistance and bridge lending could help preserve this important affordable housing resource in New Haven.”

Built in 1973, Seabury has all electric HVAC systems. As the property has aged, the electricity costs have risen significantly (50% from 2013 to 2015). Under this strain, residents reached out to their utility provider, the United Illuminating Company (UI), who conducted an energy audit and referred them to the Connecticut Green Bank for technical and financing assistance.

“The resident-owners of Seabury are excited to move ahead with long needed improvements to our home,” said Demetria Lindsey, President of the Cooperative Board. “We are looking for families and seniors of low or moderate income who would like to be part of our community.”

The Green Bank and UHAB began working together to help Connecticut cooperatives in late 2017. This partnership includes technical assistance to individual cooperatives as well as outreach to the affordable cooperatives in the state. Working with the Connecticut Housing Coalition they held a statewide training for cooperative boards members in the spring of 2018 and continue to provide technical assistance at properties facing high energy costs.

The financing from HDF and the Green Bank will be used to cover the costs of pre-development work necessary to secure permanent financing for the project. This will include the contracting of an architectural and engineering team to plan and design the replacement of the HVAC systems, evaluating the addition of roof insulation and new windows, investigate other energy and health and safety issues, and bidding out the construction work.

“HDF is proud to be partnered with UHAB and The Connecticut Green Bank on this project,” said Joan Carty, President and CEO of HDF. “It is a great example of like-minded organizations coming together to simultaneously improve energy efficiency and preserve desperately needed affordable housing for the residents of the Seabury Cooperative.”

“The partnership between UHAB and the Green Bank is a natural fit,” said Kim Stevenson, Director of Multifamily Programs at the Green Bank. “We are focused on helping residents and property owners reduce their energy expenses through the financing of renewables and efficiency projects. UHAB understands cooperatives and how to train residents on key skills needed to manage their properties. Together, we are making a difference in the long-term sustainability and financial viability of these important communities.”

Limited equity co-ops like Seabury provide home ownership opportunities that are permanently affordable in communities that are increasingly unaffordable to low-income households. Having provided affordable housing for nearly 50 years, this co-op will be rehabbed and updated focusing particularly on energy, health and safety measures, and will be able to provide affordable home ownership for another 50 years. Co-ops are an affordable housing solution that lasts.

The New Haven Independent wrote a follow-up article about the work at Seabury. Read the article here.

About UHAB

The Urban Homesteading Assistance Board was born in the midst of New York City’s economic crisis of the 1970s. With landlords abandoning their buildings en masse, the city found itself with more than 11,000 buildings on hand and no idea what to do with them. UHAB became a voice for the residents living in those buildings – longtime New Yorkers who had no intention of leaving. Turning buildings over to their residents to manage began as an experiment. But soon the city was convinced that this revolutionary approach could be sustained. The first year UHAB offered training, in Harlem, residents of 200 buildings learned how to cooperatively govern and operate their own multi-family dwellings. UHAB has now assisted in the preservation of more than 1,600 buildings (comprising 1,350 housing cooperatives), creating homeownership opportunities for residents of more than 30,000 apartments. For more information, please visit http:\\www.uhab.org.

About the Housing Development Fund (HDF)

The Housing Development Fund, Inc was established in 1989 as a nonprofit organization to finance the development of affordable housing in Stamford, CT. Today we have offices in Stamford, Bridgeport, and Danbury providing unique lending products and free homeownership counseling. With more than $120 million in funds under management, our programs include the pre-development, acquisition, rehabilitation, and construction of affordable housing, as well as down-payment and closing cost assistance loan programs for low- and moderate-income families. Our service area includes the entire state of Connecticut as well as the counties of Nassau, Suffolk, Rockland, Putnam, and Westchester counties in New York state, the five boroughs of New York City, and a recent expansion into Massachusetts. For more information, please visit hdfconnects.org.

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

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Canton Hydroelectric Facility to Produce Clean Energy for Connecticut

Historic powerhouse will produce 1 MW of renewable, clean energy and provide many benefits to the Town of Canton, the people of Connecticut, and the environment

Rocky Hill, Conn. (July 8, 2019) – The construction of a 1 megawatt (MW) hydroelectric facility at the Upper Collinsville Dam on the Farmington River in Canton is resuming after the closing of the construction loans, according to the project’s developer, Canton Hydro, LLC. The project is the result of significant expertise and innovation from many stakeholders, including the Town of Canton, The Provident Bank, the Department of Energy and Environmental Protection (DEEP), and the Connecticut Green Bank. Once operational, the facility is projected to generate an average 4.3 million kWh of clean energy and save 3.2 metric tons of CO2 emissions annually, while preserving a historic powerhouse, enhancing public safety features, and revitalizing aquatic habitat by allowing fish to swim upstream for spawning for the first time since 1867.

“Hydro projects like this one in Canton are very exciting for Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Although these projects require significant work and coordination, they provide a great example of how the Green Bank’s public-private partnership model works to leverage capital, revitalize Connecticut’s environmental infrastructure, and produce clean energy for years to come.”

This project is the culmination of more than a decade of efforts, including the drafting of the Collinsville Renewable Energy Promotion Act (H.R. 316; Pub.L. 113–122), a U.S. public law that was introduced into the 113th United States Congress, which was signed into law by President Barack Obama on June 30, 2014. The bill allowed the Town to take over the lapsed Federal Energy Regulatory Commission (FERC) licenses to refurbish two old dams. Originally constructed for hydropower that generated electricity for the former Collins Company factory, the site ceased generation in 1966. After a pre-feasibility study concluded the site could again support hydroelectric, the Town of Canton selected Canton Hydro through a competitive request for proposals.

“In addition to the generation of clean energy and reduction of carbon emissions, this hydro project will provide long-term benefits to Canton residents, the state, the environment and the wildlife,” said Canton First Selectman Beth Kandrysawtz. “Some of the other positive outcomes will be the construction of an upstream fish and eel passage, enhanced recreational possibilities due to the increased water level in the upper impoundment area, the improvement of flood control, and the creation of jobs. Not to mention the preservation of the historic powerhouse which was built in the 1930s.”

Clean Energy Through Creative Financing

The final requirement for the project was securing financing, which was accomplished through a creative partnership structure. The total project cost is approximately $6.6 million with the Green Bank providing a $1.2 million subordinate loan and $500,000 limited guaranty to leverage an approximately $4.7 million senior loan from The Provident Bank through the U.S. Small Business Administration (SBA) 504 Loan program. Additional equity is being provided by Canton Hydro.

“When a project has this many moving parts — environmental, economic, legislative and so on — it’s vital to have a financial partner willing to take a comprehensive approach that benefits both the client and their community,” says Dave Mansfield, CEO of The Provident Bank. “The Provident team is powered by innovation and that’s why renewable energy lending and the type of creative financing required for something such as the Upper Collinsville Dam, are not only a specialty of ours, but true passion projects.”

Redeveloping Historic Hydropower

The dam is owned by the State of Connecticut and the water rights will be leased to Canton Hydro over a 30-year period. Utilizing the state’s Virtual Net Metering program, State of Connecticut owned buildings through DEEP will benefit from the lower cost renewable energy. 

“This is a terrific project that builds on Connecticut’s legacy of leadership in environmental protection and clean energy development,” said DEEP Commissioner Katie Dykes. “Working with the Green Bank and local developers across Connecticut, we can improve our historic dams to provide clean energy, while at the same time restoring these facilities that create opportunities for recreation and wildlife conservation, and protecting our precious water resources. The process and documentation established with this project will serve as a replicable model that can be used with other state buildings that could benefit from clean energy technologies.”

The project will use a Kaplan turbine manufactured by WWS Wasserkraft GmbH, an Austrian company with longstanding experience in the construction of high-performance hydroelectric plants smaller than 10 MW per unit. In addition to supplying the main equipment, Wasserkraft will act as the turnkey solution provider and will supervise construction. A Denil Fishway passage to support the migration of fish into the Farmington River will be installed along with a new low-level fish guidance barrier to prevent fish swimming towards the primary spillway and guide them directly to the entrance of the upstream fish passage.

“This project is a truly innovative approach to the redevelopment of a hydropower plant in Connecticut,” said Mariana Cardenas Trief, clean energy finance consultant to the Green Bank. “The capital stack displays a creative blend of public funding, from sources like the Green Bank and the SBA 504 Loan program, and private investment from Provident.”

 

About Canton Hydro LLC

Canton Hydro was established in 2015 for the purposed of the redevelopment of the Upper Collinsville Hydro facility by a group of architects, engineers and investors passionate about revitalizing hydro power assets and preserving historic structures while improving the aquatic habitat. For more information, please visit www.cantonhydro.com.

About The Provident Bank

The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

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A Leader in Climate Finance, Connecticut Green Bank Enters the Green Bond Market

Solar Home Renewable Energy Credit Program Achieves Climate Bond Certification for $38 Million Issuance

Rocky Hill, CT (June 6, 2019) – The Connecticut Green Bank has issued green Asset-Backed Securities consisting of $36.8 million in Solar Home Renewable Energy Credits (SHREC) Collateralized Notes Series 2019-1 Class A and $1.8 million Series 2019-1 Notes, Class B. The financing is certified against the Climate Bonds Standard, providing investors with assurance of the deal’s green credentials. Verification against the Climate Bonds Standard was done by Kestrel Verifiers, a US-based company. Climate Action Reserve, a non-profit specializing in environmental impact assessment, provided an independent review of the beneficial impacts of the activities and programs financed with the securities. The Green Bank worked with RBC Capital Markets as their underwriter and sole book runner in this green bond transaction.

The proceeds from the monetization of the SHRECs are allocated to fund the Residential Solar Investment Program (RSIP), which was created to fulfill state policy adopted in 2015 that mandated the installation of 300 MW of new residential solar by 2022, while developing a local solar industry. The Green Bank is moving swiftly towards accomplishing this goal two years ahead of schedule. Through its ongoing evaluation efforts to measure positive societal impact, the Green Bank will be tracking job growth, tax revenue generation, air pollution reductions, public health improvements, and equitable access to clean energy as a result of increased investment in the deployment of clean energy.  

“In an effort to accelerate the growth of the market for residential solar PV in Connecticut, this transaction represents an approach that can scale-up public and private investment in our state’s growing green energy economy,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank. “Such investment will not only reduce the burden of energy costs on our families, specifically low-to-moderate income families, but it will also create jobs in our communities and reduce the pollution that causes climate change.”

A Regional Leader and National Model

A regional leader in sustainability and climate finance, the Connecticut Green Bank was recognized as the 2017 Innovations in American Government Award winner from the Ash Center for Democratic Governance and Innovation at Harvard University for their “Sparking a Green Bank Movement” nomination. The Green Bank’s public-private partnership structure is often cited as a model for national green bank proposals introduced in Congress, which would rely on the issuance of federal green bonds for funding. Issuing Certified Climate Bonds further demonstrates the Green Bank’s commitment as a regional and national leader and model.

The Climate Bonds Standard and Certification Scheme is like fair-trade labelling for financial instruments. Rigorous scientific criteria ensure that the activities to be financed are consistent with the 2 degrees Celsius warming limit in the Paris Agreement. Climate Bonds Certification is used globally by bond issuers, governments, investors and financial markets to prioritize investments which genuinely contribute to addressing climate change.

Environmental Outcomes Measured by Metrics

The Connecticut Green Bank recognizes the importance of leadership in moving toward a zero-carbon future. To this end, the Green Bank has developed clear strategies to reduce greenhouse gas emissions in Connecticut and a mission to achieve cleaner, cheaper and more reliable sources of energy while creating high-paying jobs, supporting local economic development, and increasing accessibility and equity for all.

To serve as a leader and enter the green bond market successfully, these strategies and plans must be supported with metrics and data measurement that prove their efficacy.

“The Green Bank has thoughtfully built out our methodologies for assessing impact by consulting and engaging local and national experts,” said Eric Shrago, Managing Director of Operations at the Green Bank. “We have built a world class technological platform that tracks our projects and their performance. This has operationalized our impact methodologies so that we can speak to the societal benefits of all of our activities with ease and reasonable certainty. This transparency in methodology and data gives investors/stakeholders confidence that we are accomplishing what we set out to and demonstrates how we are doing.”

Beyond affordable and clean energy, many of these societal benefits align with those outlined by the United Nations in their 17 Sustainable Development Goals (SDGs), including ensuring good health and well-being, promoting decent work and economic growth, and building resilient infrastructure.

For example, through the RSIP, the Green Bank has reduced 749,500 tons of CO2e GHG emissions as calculated by Climate Action Reserve’s Climate Impact Score. This is the equivalent of 159,130 passenger vehicles driven for one year, 84 million gallons of gasoline consumed, or the emissions from 1.7 million barrels of oil consumed. Additionally, the RSIP has created more than 14,000 direct, indirect, and induced jobs.

Future Issuances

The Green Bank has plans for future issuances.

“The SHREC program and the Climate Bond certified asset backed securities will factor into the Green Bank’s plans going forward,” states Bert Hunter, Executive Vice President and Chief Investment Officer of the Connecticut Green Bank.  “By raising capital through the issuance of green bonds, the Green Bank can significantly scale-up its investment activities while increasing opportunities for private investment in our state’s clean energy economy.”

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

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FuelCell Energy Closes on the Acquisition of the 14.9 Megawatt Bridgeport Fuel Cell Park from Dominion Energy  

  • Increases the Company’s generation portfolio to 26.1 megawatts
  • Fuel cell park is one of the largest producers of renewable energy credits in CT
  • Financing provided by Liberty Bank, Fifth Third Bank and the Connecticut Green Bank             

DANBURY, Conn., May 13, 2019 —  FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, today announced that it has closed on the acquisition of the 14.9 megawatt fuel cell park in Bridgeport, CT with Dominion Energy.  FuelCell Energy developed, constructed and commissioned the Bridgeport fuel cell park in December of 2013. Since its commissioning, FuelCell Energy has operated and maintained the plant under a service agreement with Dominion Energy.

FuelCell Energy will own and operate the plant as part of its generation portfolio. The transaction includes:

  • Added annual revenue in excess of $15 million per year;
  • Delivering EBITDA margins in excess of 50%, and
  • Progressive step for FuelCell Energy’s earnings per share.

Under the terms of the agreement, FuelCell Energy acquired 100% of the equity interest in Dominion Bridgeport Fuel Cell, LLC, from Dominion Generation, Inc., the original owner of the 14.9 MW project asset.

“The addition of this project asset to our generation portfolio is a major step towards our long-term strategy to diversify our generation portfolio, transitioning FuelCell Energy into a services focused business that delivers recurring revenue with strong EBITDA margins for our stockholders,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. “We certainly extend our appreciation to Liberty Bank, Fifth Third Bank, and the Connecticut Green Bank for their support and recognition of the social and economic benefits our fuel cell solutions deliver.”

Total cash consideration paid was $35.4 million. FuelCell Energy funded the acquisition with a combination of third party financing and $15 million of restricted cash on hand that was tied to the project and released at closing. Liberty Bank and Fifth Third Bank jointly provided the senior project-level debt facility of $25 million, while the Connecticut Green Bank provided additional subordinated capital.

“We are pleased to assist FuelCell Energy in securing competitive bank acquisition funding for the Bridgeport project,” said Bert Hunter, Chief Investment Officer, Connecticut Green Bank. “This financing demonstrates once again FuelCell Energy’s ability to attract traditional project finance capital from commercial banks long available to solar, wind and hydro.”

Cautionary Language  
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, unanticipated manufacturing issues that impact power plant performance, changes in critical accounting policies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) delivers efficient, affordable and clean solutions for the supply, recovery and storage of energy.  We design, manufacture, undertake project development of, install, operate and maintain 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.  With SureSource™ installations on three continents and millions of megawatt hours of ultra-clean power produced, FuelCell Energy is a global leader in designing, manufacturing, installing, operating and maintaining environmentally responsible fuel cell power solutions.  Visit us online at www.fuelcellenergy.com and follow us on Twitter @FuelCell_Energy.   

Contact:
FuelCell Energy
203.205.2491
[email protected] 

 

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FuelCell Energy Announces Construction Financing for Project at the U.S. Navy Submarine Base in Groton, Connecticut

  • $23 million construction financing facility to support the 7.4 MW power plant being constructed for the U.S. Navy Submarine Base in Groton, CT 
  • Financing provided by Fifth Third Bank, a new banking relationship for FuelCell Energy

DANBURY, Conn., March 04, 2019 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, today announced the signing of a construction financing facility with Fifth Third Bank. The proceeds will be used by FuelCell Energy to finance the construction, installation and commissioning of the fuel cell power plant being built by the Company at the U.S. Navy Submarine Base located in Groton, Connecticut. The facility structure provides for aggregate principal commitments of up to $23 million. The initial draw amount under this facility, funded at closing, was approximately $10 million.

This financing enables the installation of two SureSource 4000™ power plants for the long-term supply of power. These power plants, with total output of 7.4 megawatts and located on the submarine base will supply an existing electrical substation of the Connecticut Municipal Electric Energy Cooperative (CMEEC) and Groton Utilities under a 20-year power purchase agreement. The fuel cell plant is part of a multifaceted plan to provide new power resources and add resiliency and grid independence to key military installations.

“This construction financing facility marks another important step for FuelCell Energy as we work to bring in cost efficient capital to support our project development and ownership. Fifth Third is a new financing partner for FuelCell Energy, and we certainly look forward to growing our relationship with Fifth Third further as we move forward,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy.

In conjunction with this loan closing, the Company also obtained commitment letters for $23.0 million of 15-year term financing to be funded upon completion of construction, subject to negotiation and execution of definitive agreements, lender due diligence, and customary closing conditions. This financing will be provided by a consortium of banks. The Connecticut Green Bank and Inclusive Prosperity Capital, a spinout and strategic partner of the Green Bank, were engaged to source the construction and permanent financing for this project.

“We are pleased to have run a successful process for FuelCell Energy, securing competitive bank financing for this project,” said Bert Hunter, Chief Investment Officer, Connecticut Green Bank. “This financing demonstrates FuelCell Energy’s ability to attract traditional project finance capital long available for solar PV, wind and hydroelectric power plants. With its vital resiliency and clean energy benefits to the CMEEC, the Navy subbase and Connecticut, we look forward to supporting the completion and operation of the project over the next fifteen plus years.”

SureSource™ power plants solve energy, environmental and business-related power generation challenges by providing ultra-clean, efficient and reliable distributed power generation. The fuel cells combine a fuel such as renewable biogas, directed biogas or clean natural gas with oxygen from the ambient air to efficiently produce ultra-clean electricity and usable high-quality heat via an electrochemical process. Customers benefit with operating cost reductions delivered in a manner that supports sustainability goals and enhances power reliability. With high availability and capacity factors, fuel cell power plants make meaningful contributions to Renewable Portfolio Standard targets. 

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL) delivers state-of-the-art fuel cell power plants that provide environmentally responsible solutions for various applications such as utility-scale and on-site power generation, carbon capture, local hydrogen production for both transportation and industry, and long duration energy storage. Our systems cater to the needs of customers across several industries, including utility companies, municipalities, universities, government entities and a variety of industrial and commercial enterprises. With our megawatt-scale SureSource™ installations on three continents and with more than 8.0 million megawatt hours of ultra-clean power produced, FuelCell Energy is a global leader in designing, manufacturing, installing, operating and maintaining environmentally responsible fuel cell distributed power solutions. Visit us online at www.fuelcellenergy.com and follow us on Twitter @FuelCell_Energy.

SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.

Cautionary Language 

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, unanticipated manufacturing issues that impact power plant performance, changes in critical accounting policies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Contact: 
FuelCell Energy
203.205.2491
[email protected]

Source: FuelCell Energy

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