New Energy Capital closes USD 23.5m financing for fuel cell power project

(ADPnews) - Nov 19, 2010 - US New Energy Capital Cleantech Infrastructure Fund (NECCIF), managed by New Energy Capital Partners, said on Thursday it had arranged USD 23.5 million (EUR 17.2m) financing for a 4.5 MW fuel cell power project in California.

The project includes three fuel cells produced by Fuel Cell Energy Inc to be located on sites owned by University of California San Diego (UCSD). The cells will run on renewable biogas distributed from the San Diego Wastewater Treatment facility, operated by an affiliate of Fuel Cell Energy. The plant will generate 35 million kWh of energy a year, offsetting 25 million pounds (11.3m kg) of carbon dioxide emissions, New Energy Capital said. The project would also save USD 2 million in energy costs a year to San Diego and UCSD, which will purchase its electricity.

The fund had collaborated with Clean Tech Alliance Fund, managed by North Sky Capital, for the project's financing trough equity, California Self Generation Incentive Programme grants, New Markets tax credits, and investment tax credits. US Bancorp (NYSE:USB) extended a tax credit in partnership with New Markets Community Capital, unit of US community development corporation TELACU.

(USD 1 = EUR 0.734)

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