FuelCell Energy

In May 2023, Investec Energy & Infrastructure Finance closed a 7-year, $87 million debt financing for FuelCell Energy to support the operations of a portfolio of fuel cell assets (the “Portfolio”).

Our role

Investec acted as Sole Bookrunner, Lead Arranger and Administrative Agent on the financing. Investec provided a tailored financing structure that considered the company’s present and future objectives, technological constraints, and a market view on future refinancing appetite resulting in a fully renewed and de-risked portfolio of fuel cells at maturity. Investec won a competitive mandate to structure and arrange the transaction while anchoring the financing with a 50% commitment to ensure execution certainty. Investec was ultimately able to close and deliver the financing solution on an accelerated timeline and brought in 4 additional lenders, demonstrating our robust distribution capabilities in the energy space. The FuelCell Energy financing also shows Investec’s strong commitment to the decarbonatization of the US economy given the strong environmental benefits of fuel cell technology compared to conventional power in terms of emissions and efficiency.

About FuelCell Energy

The Portfolio consists of 6 fully contracted operating fuel cell projects totalling 32.3MW located across California, Connecticut and New York,. The Portfolio is owned by FuelCell Energy, Inc. (NASDAQ: FCEL), a global leader in the development of high-temperature hydrogen fuel cells for electric power generation.

About Investec North America

Our team in North America, based in New York, consists of professionals who specialize in equity sales, corporate access, energy, and infrastructure finance. Our experts in the region are skilled in organizing, facilitating, financing, and distributing deals in the energy, transport, and infrastructure industries. With two decades of experience in North America and a deep understanding of the energy and infrastructure sectors, we are well-equipped to assist you in finding the most suitable financing strategy for your requirements. Whether you are an energy developer, infrastructure fund, private or listed corporation, or an institutional investor, we have the expertise to structure, arrange, underwrite, and distribute transactions on your behalf.