Helps Town of Brookhaven Convert a Landfill into a Clean Energy Park
Decarbonizing Power and Improving Air Quality
DANBURY, Conn. — FuelCell Energy, Inc. (Nasdaq: FCEL) — a global leader in decarbonizing power and producing hydrogen, with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy—announced the completion of site construction and commencement of conditional commercial operation of its 7.4 megawatt (“MW”) SureSource™ fuel cell project located in Yaphank, Long Island, in New York.
“We are excited to be in commercial operation of our fuel cell platform in the Town of Brookhaven, New York,” commented Jason Few, President and Chief Executive Officer, FuelCell Energy. “We are executing on our promise to enable electrical resiliency and to deliver needed clean base load power to central Long Island, while reducing above ground risk associated with long distance high voltage transmission lines. Utilizing three of our fuel cell platforms, we will deliver to the grid 24/7 power that is enough to power approximately 7,500 homes from a footprint slightly larger than a couple of tennis courts.”
Kevin Lapidus from Franklin Park commented, “We are pleased to complete the Yaphank project with FuelCell Energy. We look forward to continuing to support the growth of the renewable energy market by offering a full suite of capital to our developer partners, including development capital, corporate equity, tax equity and project capital.”
“The Yaphank Fuel Cell Park is the Town’s first step in our transition from landfill to an energy park,” said Brookhaven Town Supervisor, Ed Romaine. “The fuel cells, along with solar fields and harvested methane gas, will repurpose the landfill when it stops accepting waste after 2024 and is capped and closed. Our forward-looking plan will establish Brookhaven Town as a municipal leader in alternative energy sources.”
“This fuel cell installation illustrates how fuel cells work in partnership with intermittent sources to provide always-on power when weather affects wind and solar production,” added Mr. Few.
In conjunction with the project achieving commercial operation, Franklin Park has funded the remaining commitment under the previously announced tax equity arrangement, bringing the total investment in the project to $12.4 million. Regarding the completion of funding from Franklin Park, Mr. Few added, “We are also excited to complete the funding under our tax equity agreement with Franklin Park, an important finance partner for FuelCell Energy. This facility enables the Company to effectively monetize the investment tax credit associated with this project. Growing our generation portfolio is an important strategic goal, and this efficient financing enables FuelCell Energy to retain most of this project’s long-term, recurring cash flow while in turn providing considerable value to our tax equity partner.”
Going forward, FuelCell Energy expects to add back-leverage debt financing to complete the project’s capital structure.
Mr. Few concluded, “We are proud of the role we play in decarbonizing power, in this instance helping the Long Island community achieve grid resiliency and decarbonization goals while improving air quality without significant land use.”
About Franklin Park
Franklin Park develops, owns, and manages infrastructure assets. Franklin Park has a diverse portfolio, including renewable and conventional electricity generation, electric distribution, rail and road transport, and supply chain logistics. Franklin Park provides a full suite of capital for renewable energy development companies, including corporate equity, pre-NTP project development capital, tax equity and project acquisitions. Additional details can be found at www.frpark.com.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. We target large-scale power users with our megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. To provide a frame of reference, one megawatt is adequate to continually power approximately 1,000 average sized U.S. homes. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation, and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. Our leading geographic markets are currently the United States and South Korea, and we are pursuing opportunities in other countries around the world. FuelCell Energy, based in Connecticut, was founded in 1969.
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