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.
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