FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in decarbonizing power and producing hydrogen, with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy— announced the completion of site construction and (conditional) commencement of commercial operation for its 7.4 megawatt (“MW”) SureSource fuel cell project located in Yaphank, Long Island, in New York.
“We are excited to be in commercial operation of our fuel cell platform in the Town of Brookhaven, New York,” commented Jason Few, President and Chief Executive Officer, FuelCell Energy. “We are executing on our promise to enable electrical resiliency and to deliver needed clean base load power to central Long Island, while reducing above ground risk associated with long distance high voltage transmission lines. Utilizing three of our fuel cell platforms, we will deliver to the grid 24/7 power that is enough to power approximately 7,500 homes from a footprint slightly larger than a couple of tennis courts.”
Kevin Lapidus from Franklin Park commented, “We are pleased to complete the Yaphank project with FuelCell Energy. We look forward to continuing to support the growth of the renewable energy market by offering a full suite of capital to our developer partners, including development capital, corporate equity, tax equity and project capital.”
"The Yaphank Fuel Cell Park is the Town's first step in our transition from landfill to an energy park," said Brookhaven Town Supervisor, Ed Romaine. "The fuel cells, along with solar fields and harvested methane gas, will repurpose the landfill when it stops accepting waste after 2024 and is capped and closed. Our forward-looking plan will establish Brookhaven Town as a municipal leader in alternative energy sources."
“This fuel cell installation illustrates how fuel cells work in partnership with intermittent sources to provide always-on power when weather affects wind and solar production,“ added Jason Few.
In conjunction with the project achieving commercial operation, Franklin Park has funded the remaining commitment under the previously announced tax equity arrangement, bringing the total investment in the project to $12.4 million. Regarding the completion of funding from Franklin Park, Mr. Few added, “We are also excited to complete the funding under out tax equity agreement with Franklin Park, an important finance partner for FuelCell Energy. This facility enables the Company to effectively monetize the investment tax credit associated with this project. Growing our generation portfolio is an important strategic goal, and this efficient financing enables FuelCell Energy to retain most of this project’s long-term, recurring cash flow while in turn providing considerable value to our tax equity partner.”
Going forward, FuelCell Energy expects to add back-leverage debt financing to complete the project’s capital structure.
Mr. Few concluded, “We are proud of the role we play in decarbonizing power, in this instance helping the Long Island community achieve grid resiliency, decarbonization goals and improve air quality without significant land use.”
Franklin Park | http://www.frpark.com