FuelCell Energy has secured a $23 million financing facility to support the 7.4 megawatts (MW) power plant being built for the US Navy Submarine Base in Groton, Connecticut.
The financing is being provided by Fifth Third Bank and will be used by FuelCell Energy to finance the construction, installation and commissioning of the fuel cell power plant.
The facility structure provides for aggregate principal commitments of up to $23m and the initial draw amount under this facility, funded at closing, was approximately $10m.
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