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Stock Market & Financial Investment News

News Breaks
July 31, 2014
08:46 EDTNRG, FCELFuelCell announces strategic financing agreement with NRG Energy
FuelCell Energy (FCEL) announced a broadening and deepening of the existing relationship with NRG Energy (NRG) including a $35M investment in FuelCell Energy common stock by NRG Energy and the establishment of a new $40M revolving construction and term loan facility by NRG Energy for FuelCell Energy to use for project development. NRG Energy now owns approximately 17M shares of the company's common stock, or 6%, including 2.4M shares owned prior to this transaction. In addition to the common stock investment, NRG Energy has extended a $40M revolving construction and term financing facility for the purpose of accelerating project development by FuelCell Energy and its subsidiaries. The company's project finance subsidiaries may draw on the facility to finance the construction of projects through the commercial operating date, or COD, of the power plants. The company has the option to continue the financing term for each project after COD for a maximum term of five years per project. The interest rate is 8.5% per annum for construction-period financing and 8% thereafter.
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