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Sunday, November 03, 2019 9:04:26 AM
https://ctgreenbank.com/about-us/governance/connecticut-grboard-meetings/2019-meetings/
Resolution #12
WHEREAS, FuelCell Energy, Inc., of Danbury, Connecticut (“FCE”) has outstanding
from the Connecticut Green Bank (“Green Bank”) a $6 million loan that was used to successfully
acquire a 15 megawatt fuel cell facility in Bridgeport, Connecticut (the “Bridgeport Project”), and
FCE has operated and maintained the Bridgeport Project without material incident and is current
on payments under the Bridgeport Loan;
WHEREAS, FuelCell Energy, Inc., of Danbury, Connecticut (“FCE”) has outstanding
from the Connecticut Green Bank (“Green Bank”) a $1.8 million loan that was used to provide
cash collateral in support of a letter of credit issued by Fifth Third Bank for the benefit of the
Bridgeport Project (the “Project Assurance Financing Facility”), and FCE is current on payments
under the Project Assurance Financing Facility;
WHEREAS, FCE has previously requested term loan financing support from the Green
Bank to develop a 7.4 megawatt fuel cell project in Groton, Connecticut located on the U.S.
Navy submarine base and supported by a power purchase agreement (“PPA”) with the
Connecticut Municipal Electric Energy Cooperative (“CMEEC”) (the “Navy Project”);
WHEREAS, at its October 26, 2018 meeting, the Board approved a term loan facility in
an amount not to exceed $5,000,000 for the Navy Project, as a strategic selection and award
pursuant to Green Bank Operating Procedures Section XII;
WHEREAS, FCE has requested that $3 million of the term loan financing support from
the Green Bank to the Navy Project be made available to the Navy Project to fund a portion of
the Navy Project’s construction expenses (the “Construction Loan”); and
WHEREAS, Green Bank staff recommends that the Board approve of the Construction
Loan in an amount not to exceed $3,000,000 as set forth in staff’s memorandum to the Board
dated October 18, 2019;
NOW, therefore be it:
RESOLVED, that the Green Bank Board of Directors hereby approves the Construction
Loan in an amount not to exceed $3,000,000 for the Navy Project, as a strategic selection and
award pursuant to Green Bank Operating Procedures Section XII; and
RESOLVED, that the President of the Green Bank and any other duly authorized officer
is authorized to take appropriate actions to provide the Construction Loan to FCE in an amount
not to exceed $3,000,000 with terms and conditions consistent with the memorandum submitted
to the Board dated October 18, 2019, and as he or she shall deem to be in the interests of the
Green Bank and the ratepayers no later than 180 days from the date of authorization by the
Board of Directors; and
RESOLVED, that the proper Green Bank officers are authorized and empowered to do
all other acts and execute and deliver all other documents and instruments as they shall deem
necessary and desirable to effect the above-mentioned Construction Loan.
Upon a motion made by John Harrity and seconded by Mary Sotos, the Board voted to
approve Resolution 12. Matthew Ranelli abstained, all others present voted to approve.
Motion approved.
e. Capital for Change – LIME Loan Master Funding Facility
• Bert Hunter summarized the Capital for Change (“C4C”) mission and focus. There is a
big diversity emphasis in programs. Loans Improving Multifamily Energy (or “LIME”) loan
is one of them. He stated it has been difficult for properties with HUD financing, etc. to
get funding for energy efficiency upgrades, and that the LIME loan program helps
provide support to the owners of those properties to make them more energy efficient.
He summarized the LIME Program Highlights and stated the Green Bank’s participation
so far has been in loan loss preservation, to get lines of credit from financial institutions
and loan to C4C (such as Opportunities Finance Network, or “OFN”). A portion of OFN’s
loans to C4C are covered by the Green Bank loss reserve previously approved by the
Board. In addition, the Green Bank previously approved capital at a concessionary
interest rate for C4C – a $1m loan facility and then an incremental $2.5m loan facility.
• Bert Hunter stated the Green Bank is asking for approval of $2,000,000 in additional
capital for the LIME Program at a 3% interest rate. The cost is already incorporated into
the current budget, as it is the same as previous terms. As well, staff is asking for
additional capital of $1,000,000 at a 5% interest rate. When loaned to new properties,
the interest rate is usually at 6.5%, so the difference covers fees and expenses of C4C.
o Bettina Bronisz asked if this request implies there will be further advancements at
5%? Or this is it? Bert Hunter stated there may be further advancements, but that
for the time being, the Green Bank seeks to encourage other lenders to lend to
the LIME Program and, in fact, Inclusive Prosperity Capital would be lending $1.2
million along with the Green Bank as explained in the memorandum to the Board.
The Green Bank is helping Capital For Change transform their balance sheet to
be more flexible and scalable. At a meeting of C4C’s bank lending goup at C4C
headquarters in the previous week, Bert Hunter made the point to the bankers
that the Green Bank has stepped up and now we need other banks to step up to
increase their funding for C4C for LIME and other programs.
o Bettina Bronisz asked would more funding be needed? Bert Hunter stated he
didn’t believe so; he wants to see other lenders step forward and provide
additional resources to C4C.
FCEL
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