bridgeport fuel cell plant photo by fuelcell energy

Photo courtesy of FuelCell Energy Inc.

A fuel cell power generation plant in Bridgeport has been sold to the company that built it in 2013 for $35.4 million.

Danbury-based FuelCell Energy bought the 14.9 megawatt fuel cell park from Dominion Energy. Since its commissioning, FuelCell Energy had operated and maintained the plant under a service agreement with Dominion Energy. FuelCell Energy expects to gain revenue in excess of $15 million per year from the facility.

“The addition of this project asset to our generation portfolio is a major step towards our long-term strategy to diversify our generation portfolio, transitioning FuelCell Energy into a services-focused business that delivers recurring revenue with strong EBITDA margins for our stockholders,” FuelCell Energy President and CEO Chip Bottone said in a statement. “We certainly extend our appreciation to Liberty Bank, Fifth Third Bank and the Connecticut Green Bank for their support and recognition of the social and economic benefits our fuel cell solutions deliver.”

FuelCell Energy funded the acquisition with a combination of third party financing and $15 million of restricted cash on hand that was tied to the project and released at closing. Liberty Bank and Fifth Third Bank jointly provided the senior project-level debt facility of $25 million, while the Connecticut Green Bank provided additional subordinated capital.