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FuelCellannounces construction financing facility with Fifth Third.

FuelCell Energy (FCEL) announced the signing of a construction financing facility with Fifth Third Bank (FITB). 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 $23M. The initial draw amount under this facility, funded at closing, was approximately $10M. This financing enables the installation of two SureSource 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 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.

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Publication:The Fly
Date:Mar 4, 2019
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