Danbury’s FuelCell Energy said it has secured $30 million from PNC Energy Capital to finance projects the company is building under power purchase agreements with utilities.
The financing package monetizes the tax benefits and cash flows from the power purchase agreements, FuelCell said.
A 1.4-megawatt fuel-cell power plant at University of California Irvine Medical Center, expected to begin operating this month, will be the first project backed by the financing, according to the company.
PNC Energy Capital is owned by the publicly traded PNC Financial Services Group.
