Project financing services

FuelCell Energy offers a vertically integrated project finance suite of solutions to enable fuel cell deployment and operation. These solutions include Power Purchase Agreements (PPA), leases (capital, operating, and tax), construction financing and a variety of term debt structures. Our extensive project finance experience allows us to implement market leading financial structures tailored to meet the unique and diverse needs of our customers. By sourcing competitive capital, FCE is able to greatly enhance our end-users’ economic value proposition while supporting sustainability and energy resiliency goals. Many of the end-users of SureSource power generation benefit from the multitude of advantages that our power generation assets provide while minimizing or completely eliminating the need for capital investment through our project finance solutions.

Pay as you go

Power purchase agreements (PPA) are an attractive approach for fixing power costs for budgeting purposes while avoiding an upfront capital investment. Under a PPA structure, the end-user pays for power as it is produced gaining predictability of future costs while reducing energy expenses. FuelCell Energy operates and maintains the entire power plant and either sources private capital to own the power generation equipment or retains ownership directly. The end-user of the power enjoys a comprehensive solution that provides affordable and predictable power at a fixed price without any need to perform maintenance or own power generation assets.


Leasing can be another option in certain situations and FuelCell Energy supports a variety of leasing structures to meet varied financial requirements. Leasing provides the end user the benefits of asset ownership without the need for a capital outlay. We partner with leading leasing companies to design leasing solutions that provide 100% financing and achieve the end users’ business and operating needs. In many cases, the leases will also allow the end users to monetize tax benefits and associated environmental attributes as applicable.


Here at FuelCell, we work with leading national and regional banking intuitions to source project-level debt as required. We are able to facilitate the implementation of a variety of debt structures, including construction, term, recourse and non-recourse as well as back leverage if applicable. FCE also has a revolving credit facility specifically allocated for project-level construction and term-debt financing that can be drawn upon for project opportunities.

Additional structures

There are numerous regional programs often administered by public/private institutions that are designed to incentivize the deployment of clean technology, including, but not limited to, fuel cells.  FuelCell Energy has the experience and relationships with these entities to allow our end-users’ to benefit from these programs to enhance their economic value proposition while meeting their sustainability and resiliency objectives.

Our financing team is flexible, creative, and ready to address your fuel cell financing needs.

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