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NRG Energy to provide customer financing option using power purchase agreements
Expands sales channel for FuelCell Energy
Provides ultra-clean on-site baseload power option for NRG Energy customers
DANBURY, Conn., Sept. 4, 2013 (GLOBE NEWSWIRE) --
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, today announced a co-marketing agreement with
NRG Energy (NYSE:NRG) for the marketing and sales of FuelCell Energy power plants. NRG will market the power plants to its customer base, offering a financing option utilizing a power purchase agreement whereby NRG will purchase and own the power plant and sell the ultra-clean electricity and high quality heat to the end-user or the customer can purchase the power plant. The agreement also includes the option of NRG Energy purchasing and owning fuel cell power plants for its own portfolio and selling the power to the electric grid. FuelCell Energy is expected to install, operate and maintain each power plant owned or sold by NRG.
"This new relationship helps to round out our distributed power generation portfolio, offering our customers efficient, clean, continuous on-site power," said Tom Gros, President, NRG Solutions. "Baseload combined heat and power (CHP) fuel cells have virtually zero emissions, making them well-suited to provide reliable electricity, hot water, steam or absorption chilling to universities, hospitals, and other large power users."
For customers who want to enjoy the
benefits of fuel cell generated power but prefer not to own the power plant directly, NRG will purchase the power plant from FuelCell Energy, retain ownership of the plant and sell the power to the customer through a long-term power purchase agreement.
"We are pleased to be partnering with NRG Energy, the largest independent power producer in North America and a leader in the adoption of clean and renewable power generation," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "This relationship leverages our experience and resources, opening new geographies and customers for our highly efficient and virtually emission free distributed power generation solutions."