FuelCell Energy Inc. Announces $200M Strategic Corporate Loan Facility With Orion Energy Partners

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

Benzinga · 11/06/2019 13:32

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.

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