Company Closes on Debt Financing for CMEEC Microgrid-Ready Project

by Paul Ciampoli
APPA News Director
September 5, 2023

FuelCell Energy recently closed on a project debt financing transaction with Liberty Bank and Amalgamated Bank as senior lenders and the Connecticut Green Bank as subordinated lender for the company’s Connecticut Municipal Electric Energy Cooperative fuel cell microgrid-ready project.

The project, which is still under construction, will be located at the Naval Submarine Base New London, located in Groton, Connecticut.

Liberty Bank and Amalgamated Bank’s senior commitment totals $12 million with a seven-year term and Connecticut Green Bank’s commitment totals $8 million with a 20-year term.

CMEEC is a political subdivision of the State of Connecticut created in 1976.

It is a non-profit municipal joint action electric supply agency that provides the power supply requirements, at wholesale, of six municipal electric utilities with retail electric service territories in Connecticut as well as for other customers who purchase power at wholesale.

Its municipal electric utility members are Bozrah Light & Power, Jewett City Department of Public Utilities, Groton Utilities, Norwich Public Utilities, South Norwalk Electric and Water, and The Third Taxing District of Norwalk Electric Division.