RAD Energy Solutions was represented by Norton Rose Fulbright & Fucci Law and Bank of America was represented by Millbank

New York, USA – Daroga Power, an investor and developer of distributed generation energy assets, today announced that they have closed an infrastructure portfolio fund to deploy 32.85 MW of Bloom Energy solid oxide fuel cells (“SOFC”).

Approximately 6 MW of fuel cells in the portfolio are already operational. The additional fuel cells will be deployed through the end of 2022 and are committed to 17 market-leading and Fortune 500 commercial and industrial off-takers under long-term energy services agreements. Once completed, the fuel cells will produce reliable, cleaner, baseload energy at customer sites in California, New York, New Jersey, Massachusetts, Connecticut, and Maryland.

“We believe in the power of distributed generation to mitigate the risks that companies face from extreme weather, brownouts and blackouts, and unknown energy costs. Fuel cells enable companies to reduce their environmental footprint, while being able to budget for and reduce their energy spend,” said Ory Moussaieff, co-founder of Daroga Power.

“We are excited to work with Daroga Power to support the build out of a resilient, reliable, and efficient portfolio of distributed fuel cell projects, and we are proud to expand our relationship with Bloom Energy,” said Bret Turner, Market Manager of Project Finance at Silicon Valley Bank.

“Bloom Energy is excited to partner with RAD, Silicon Valley Bank, and Bank of America to further scale deployment of our solid oxide fuel cell platform. A path to net-zero carbon emissions must include partnerships and collaboration with organizations focused on the advancement of a low carbon economy,” said Scott Reynolds, global head of structured finance and corporate development, Bloom Energy.

This is the second fuel cell portfolio announcement for Daroga Power in less than one year. In December 2020, the company announced a 12 MW fuel cell portfolio valued with an enterprise value of $103 million.

Source: NS Energy