FuelCell Energy Inc (FCEL)

[Maximilliano]

(Bridgeport) Greenbank Board Meeting Minutes for Feb 22, 2019 just became available.

Cash Flow Update of the Connecticut Green Bank

Mr. Hunter went on to say that there has been some adjustment to the monthly cash movements, indicating that a major cash use would have been for the FCE New London subbase fuel cell project, but FCE made other financing available for that project and Green Bank funds were not necessary.


FuelCell Energy Project Financings (Updates)

Mr. Hunter explained that great progress has been made since last board meeting for the Groton New London Subbase project. There is $23 million in construction financing that has been arranged from 5th 3rd Bank as well as $18 million in term loans from two community banks. Staff expects the closing on the construction loan for Groton to happen in a matter of days.

For the Bridgeport FuelCell Park Acquisition; FuelCell Energy is re-acquiring a fuel cell project they built in Bridgeport and sold to Dominion in 2012. The Green Bank is assisting and providing financing for the re-acquisition. A facility totaling $31 million (including $6 million from the Green Bank) has been committed. The closing is set for March 2019.

https://www.ctgreenbank.com/wp-content/uploads/2019/03/CGB_BOD_Draft_Meerting-Minutes_022219.pdf