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FuelCell Energy buys 1.4-MW facility for more predictable electricity sales

FuelCell Energy Inc. acquired a 1.4-MW fuel cell power plant at the Central Connecticut State University, according to a Dec. 13 news release.

The acquisition increases the company's project portfolio to 11.2 MW, and will result in predictable and recurring monthly electricity sales. The company structured the deal to avoid cash outlay and assumed project-related debt extended by Webster Bank.

"With this project, FuelCell Energy is now recognizing monthly electricity sales from five different projects which enhances our financial profile with approximately $7 million of contracted annual electricity sales and a portfolio weighted average power purchase agreement term of approximately 18 years," said Michael Bishop, senior vice president and CFO of FuelCell Energy.

FuelCell Energy installed and has been maintaining the plant for Greenwood Energy.