Bloom Energy Snags Deal with Exelon to Provide Fuel Cells for Commercial Customers
Energy retailer Exelon will provide equity financing for 21 MW of Bloom Energy fuel cell projects at 75 commercial facilities in California, Connecticut, New Jersey and New York. The power buyers include new and repeat customers, such as AT&T, which will use the fuel cells to power operations at nine sites.
As the first step in a long-term strategic partnership with Bloom Energy, Exelon will finance Bloom Energy projects through Bloom Electrons, a service that allows customers to buy power as a service, rather than purchasing the equipment directly. This is the first investment by an energy company in Bloom Electrons, and it will support the program’s largest commercial deployment to date.
Exelon’s partnership with Bloom Energy builds upon the distributed generation business of Exelon subsidiary Constellation, a competitive retail supplier of energy products and services.
Exelon and Bloom Energy plan to complete the installations in phases over the next year.
Terms of the transaction were not disclosed. Credit Suisse was Exelon’s financial adviser, and Morgan Stanley advised Bloom on its partnership with Exelon.
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