Dallas, Texas 05/01/2014 (FINANCIALSTRENDS) – FuelCell Energy Inc. (NASDAQ:FCEL) won a contract to build and operate 5.6 Megawatts power plants in Connecticut for UIL Holdings Corporation (NYSE:UIL)’s United Illuminating. The company will build and operate two power plants each of 2.8 megawatt capacities. However, the financial terms of this contract have not been disclosed.
The stock gained 4.13% on Wednesday and closed at $2.27.
Bloomberg reported that one plant will be in Bridgeport on an unused landfill. The Bridgeport power plant will also include approximately 5 megawatts of a solar photo-voltaic system. Another site is yet to be decided and it is expected to be determined within next 30 day period, according to a statement released by the company. FuelCell anticipates these power plants to be completed by the next year.
Among the credentials, FuelCell Energy Inc. (NASDAQ:FCEL) completed the world’s largest facility making electricity with fuel cells in South Korea in February with a capacity of 59 megawatt.
Both of these power plants will be providing continuous base load power to the electric grid which powers around 5,600 homes. Both the plants will generate electricity in a highly efficient and environmentally compatible manner. Under the long term service agreements, FuelCell will build the power plants, operate and maintain them for 20 years.
President and Chief Executive Officer of FuelCell Energy Inc. (NASDAQ:FCEL), Chip Bottone mentioned, “Leadership by the State and Public Utilities Regulatory Authority (PURA) that acknowledged the need to enable utility ownership of renewable power combined with the vision of UI culminated in these two transformative projects to benefit power users and the communities at large.”
Bill Finch, Bridgeport Mayor said that the new fuel cell project will play vital role in making this city one of the greenest cities in America.
President & Chief Executive Officer of UIL Holdings Corporation (NYSE:UIL), James P. Torgerson commented that the company is committed to economically and environmentally responsible business practices and this contract of fuel cell power plants is in line with the company’s goal of investing in renewable distributed generation.