FuelCell Energy Secures $87MM in Project Financing
25 5월 2023 - 9:41PM
FuelCell Energy, Inc., (Nasdaq: FCEL) today announced that it has
entered into an $87 million non-recourse project financing
facility. In addition to diversifying the Company’s access to
capital, the proceeds from this facility were used to repay some of
the Company’s existing indebtedness and may be used to accelerate
commercialization of its hydrogen fuel cell technologies, strategic
initiatives, and for other general corporate purposes.
The multi-bank term facility includes Investec
Bank plc as Coordinating Lead Arranger and Sole Bookrunner, Bank of
Montreal as Mandated Lead Arranger, together with Liberty Bank as
Depositary Agent and Lender along with Connecticut Green Bank and
Amalgamated Bank as lenders. The 7-year term financing package
comprises an $80.5 million term loan and a $6.5 million Debt
Service Reserve Letter of Credit for a portfolio of six operating
assets.
“At Investec, we have led more than $10 billion
in energy and infrastructure project financings over the past five
years and this successful closing for FuelCell Energy evidences our
continued commitment to help decarbonize the U.S. economy. We
believe this financing strategy is ideal for FuelCell Energy,
allowing the company to diversify its capital stack as well as
access term project capital to support the growth of its business
and operations of its existing assets,” said Fred Petit, Co-Head of
Investec’s North American Power & Infrastructure Group.
“This facility enables FuelCell Energy to
execute a more efficient financing structure by sensibly leveraging
a portfolio of long-term contracted operating assets supported by
investment-grade counterparties while attracting a diverse group of
lenders and bringing material incremental cash back to FuelCell
Energy. We are very pleased to have participation across this
expanded bank group,” said Michael Bishop, EVP and CFO of FuelCell
Energy. “The 7-year term allows the Company to navigate the current
volatility in the fixed income markets and secure project financing
at competitive pricing. FuelCell Energy is always looking to
diversify our sources of capital while partnering with world class
financial institutions such as those represented in this
non-recourse facility,” added Mr. Bishop.
Proceeds to the Company following repayment of
existing project debt were approximately $46.1 million of
unrestricted cash and $14.5 million of restricted cash to fund
performance reserves.
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. It collectively holds more
than 450 fuel cell technology patents in the United States and
globally. 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. The
Company’s solutions are designed to enable a world empowered by
clean energy, enhancing the quality of life for people around the
globe.
About Investec
Investec Power and Infrastructure Finance is
part of a strong global franchise, with teams across the US, UK,
Europe, South Africa and India. Investec partners with
private, institutional, and corporate clients, offering
international banking, investments, and wealth management services
in two principal markets, South Africa, and the UK, as well as
certain other countries. The Group was established in 1974 and
currently has 8,300+ employees. Investec has a dual listed company
structure with primary listings on the London and Johannesburg
Stock Exchanges.
Cautionary Note Regarding
Forward-Looking StatementsThis release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
regarding future events or the Company’s future performance that
involve certain contingencies and uncertainties. The
forward-looking statements include, without limitation, the
Company’s plans and expectations regarding future use of proceeds
from financing activities. These forward-looking statements are not
guarantees of future performance, and 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, the
risks set forth in the Company’s filings with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
10-K for the fiscal year ended October 31, 2022. The
forward-looking statements contained herein speak only as of the
date of this release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement contained herein to reflect any
change in the Company’s expectations or any change in events,
conditions or circumstances on which any such statement is
based.
Thomas Gelston475.218.5834TGelston@fce.com
FuelCell Energy (NASDAQ:FCEL)
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FuelCell Energy (NASDAQ:FCEL)
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