RICHMOND, Va., Dec. 14, 2012 /PRNewswire/ -- Dominion (NYSE: D), one of the nation's largest energy companies, announced today that it would grow its clean energy portfolio by developing a fuel cell power generating facility in Bridgeport, Conn. Dominion acquired this development from FuelCell Energy Inc. of Danbury, Conn.
The facility will produce 14.9 megawatts of electricity – enough to power approximately 15,000 homes – using a reactive process that converts natural gas into electricity.
"The Dominion Bridgeport Fuel Cell is another important step in our efforts to identify and develop opportunities to produce clean energy that is reliable and cost effective," said Thomas F. Farrell II, Dominion chairman, president and chief executive officer. "We are now adding fuel cell technology to our energy portfolio that already includes wind, hydro, biomass and, soon, solar. This project supports Connecticut's clean energy goals while producing significant economic development benefits for the State and the City of Bridgeport."
The Dominion Bridgeport Fuel Cell facility is part of Project 150, a program sponsored by the state and supported by the Clean Energy Finance and Investment Authority (CEFIA) to increase renewable and clean energy projects in Connecticut by 150 megawatts. CEFIA is the nation's first full-scale clean energy finance authority that leverages public and private funds to drive investment and scale up clean energy deployment in Connecticut. This project was supported by the City of Bridgeport, which provides a tax incentive development agreement that will be in place for the life of the project.Dominion Bridgeport Fuel Cell LLC has contracted with FuelCell Energy Inc. to build, operate, and maintain the facility. FCE will supply five proprietary Direct FuelCell® stationary fuel cell systems and an organic rankine turbine that will use waste heat from the fuel cells to generate a total of almost 15 megawatts of electricity.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts