FuelCell Energy is set to implement 7.4MW of its hydrogen fuel cell technology into a project in New York, US, with the aim to provide zero-emission power to Central Long Island.
This project will be aided by Franklin Park who has just finalised a tax equity financing, totalling ($12.7m) for the project and will now collaborate to make the project a reality.
Michael Bishop, Executive Vice-President and Chief Financial Officer of FuelCell Energy, said, “We are thrilled to team up with Franklin Park, a new tax equity finance partner for FuelCell Energy, with an important financing solution that enables the Company to effectively monetise the investment tax credit associated with this project.
“Importantly, this efficient financing enables FuelCell Energy to retain most of this project’s long-term, recurring cash flow, and creates a structure that will facilitate additional capital opportunities that are expected to further return cash to the Company and enhance overall return on equity for this project.”
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