FuelCell Energy has entered into an agreement to acquire the existing 14.9 megawatt fuel cell park in Bridgeport, Connecticut, US from Dominion Energy.
The US company developed, constructed and commissioned the Bridgeport fuel cell park in December 2013. It has operated and maintained the plant under a service agreement with Dominion Energy since it was commissioned.
FuelCell Energy intends to own and operate the plant as part of its generation portfolio. The transaction is expected to:
- Add annual revenue in excess of $15 million per year
- Deliver EBITDA margins in excess of 50%
- Be accretive to FuelCell Energy’s earnings per share
Under the terms of the agreement, FuelCell Energy will acquire 100% of the equity interest in Dominion Bridgeport Fuel Cell, LLC, the owner of the 14.9 MW project asset, whose parent is currently Dominion Energy. This agreement is the result of a competitive bid process undertaken by Dominion Energy.
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